Startups are not merely businesses but agents of change

Commerce and Industry Minister Piyush Goyal has said that the country’s startups will play a crucial role in realizing the vision of a self-reliant, inclusive, and globally competitive India. He said this during the launch of the Prabhat Factbook and Bharat Startup Challenge at the Celebration of 9 Years of Startup India in New Delhi today. Mr. Goyal noted that government schemes like the Fund of Funds scheme acted as a transformative tool to mobilize private capital, particularly to support startups in Tier II and Tier III cities. He emphasized the broader impact of startups beyond economic contributions and stated that startups are not merely businesses; they are agents of change. The Minister pointed out that the country saw 76 Initial Public Offerings last year and has also become the world’s 3rd largest startup ecosystem, with more than 159,000 startups. The event also marked the curtain raiser of the second edition of the Startup Mahakumbh. Mr Goyal shared that nearly 2,500 startups will be participating in the Startup Mahakumbh starting in April this year. During the event, the Minister also launched the Bharat Startup Grand Challenge for entrepreneurs. The Bharat Startup Challenge aims to unleash 75 challenges across various sectors.