New Delhi— India, currently the world’s fifth-largest economy, is on course to become the fourth-largest by the end of 2025 and the third-largest by 2027—overtaking Japan and Germany—Union Minister of Commerce and Industry, Piyush Goyal, said on Thursday. He attributed this projected growth to the country’s thriving startup ecosystem.
Speaking at the inaugural ceremony of the second edition of ‘Startup Mahakumbh’ in New Delhi, Goyal emphasized the importance of investing in emerging technologies such as robotics, automation, machine learning, 3D manufacturing, and next-generation factories. These innovations, he said, are crucial for achieving the vision of Viksit Bharat 2047 and establishing India as a global leader in industry and innovation.
Addressing the gathering at the event, which runs from April 3 to 5, the minister highlighted the evolving role of startups in driving both economic and technological progress.
Goyal urged Indian investors to back the domestic startup ecosystem, reaffirming the government’s commitment to fostering innovation and entrepreneurship. He assured budding entrepreneurs that the government would provide support and guidance to those facing challenges in their startup journey, encouraging them to persevere and try again.
He also stressed the importance of increasing domestic capital investment, noting that a strong base of indigenous funding is key to reducing dependency on foreign capital and ensuring long-term economic resilience.
The minister lauded the organizing committee, sponsors, and participants for their contributions in making the event a grand success. He expressed hope that the next edition of Startup Mahakumbh would be even larger, aiming for participation from all 770 districts across the country.
Sanjiv, Joint Secretary at DPIIT, described India’s startup ecosystem as a powerhouse of innovation, with Startup Mahakumbh serving as a testament to its strength and potential.
Harsha Vardhan Agarwal, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), noted that India is increasingly becoming a preferred destination for startups—many of which were previously incorporated abroad—thanks to supportive policies and improved access to capital. (Source: IANS)
