Key Points
Startups key to India becoming 3rd largest economy by 2027
Govt pledges support for robotics and AI investments
Domestic capital crucial for reducing foreign dependency
Startup Mahakumbh aims for nationwide participation
Goyal highlighted the need for investments in emerging technologies such as robotics, automation, machine learning, 3D manufacturing, and next-generation factories at the inaugural ceremony of the second edition of 'Startup Mahakumbh' here.
The minister said these innovations are essential for realising the vision of 'Viksit Bharat 2047' and establishing India as a global leader in industry and innovation.
Speaking at the event which runs from April 3-5, the minister also underscored the evolving role of startups in driving India's economic and technological growth.
Encouraging Indian investors to support the domestic startup ecosystem, Goyal reiterated the government's commitment to fostering innovation and entrepreneurship.
He assured that the government will handhold and support those who face challenges in their startup journey, encouraging them to persevere and try again. Goyal also stressed the need for increasing domestic capital investments, stating that a strong foundation of indigenous investment is crucial to reducing dependency on foreign capital and ensuring long-term economic resilience.
He lauded the organising committee, sponsors, and participants for their contributions and efforts in making the event a grand success.
Goyal expressed his aspiration to make the next Startup Mahakumbh even bigger, targeting participation from all 770 districts.
Sanjiv, Joint Secretary, DPIIT, said India's startup ecosystem is a powerhouse of innovation, and 'Startup Mahakumbh' stands as a testament to its strength and potential.
Harsha Vardhan Agarwal, President of Federation of Indian Chambers of Commerce and Industry (FICCI), said "India is increasingly becoming a preferred destination for startups which were once incorporated outside the country due to the favourable policies and access to capital.
Comments:
This is such exciting news! Our startup ecosystem has come so far in just a decade. The government's focus on emerging tech is exactly what we need to stay competitive globally. 🇮🇳 #MakeInIndia
While I appreciate the optimism, I hope we also focus on sustainable growth. Many startups fail within 3 years - we need better safety nets for entrepreneurs taking these risks.
Attended Startup Mahakumbh yesterday! The energy was electric ⚡ So many brilliant young minds working on cutting-edge solutions. India's future is in good hands!
Love seeing this focus on domestic investment. We've relied too long on foreign VC money. Time to build our own funding ecosystem that understands Indian market realities.
The target seems ambitious but achievable. However, we need to ensure this growth reaches beyond metro cities. Glad to hear they're targeting all 770 districts next time!
