Startups are playing a pivotal role in India’s journey towards becoming a developed nation by 2047: Piyush Goyal

| Published on:

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Shri Piyush Goyal said that startups are playing a pivotal role in India’s journey towards becoming a developed nation by 2047. While addressing the Startup Awards & State Ranking Awards function in New Delhi today, the Minister commended the significant progress made in the startup sector over the last eight years, stating that what was once a novelty has now become an integral part of the national mainstream.

Shri Goyal highlighted the diverse sectors in which startups are making substantial contributions, ranging from MedTech, FinTech, AgroTech to the aviation sector, drones, and simulators. He identified tourism as a sector with untapped potential, encouraging startups to explore innovative ideas around sustainable tourism. He pointed out that Wed-in-India initiative as suggested by the Prime Minister, Shri Narendra Modi should also be noted by the potential StartUps. He added that the PM had said at Vibrant Gujarat that Bharat’s priority is New Age Skills, Futuristic Tech, AI & Innovation.

Shri Goyal expressed confidence in the entrepreneurial spirit of both the young and old, urging them to contribute their unique perspectives and ideas to the startup ecosystem. He reiterated that age should not be a barrier to engage with new ideas and foster innovation. He urged individuals, regardless of age, to actively participate in the startup ecosystem, emphasizing that every person has the potential to contribute to the growth of India.

The Minister noted that India has emerged as the third-largest startup ecosystem globally, realizing the dreams of countless entrepreneurs and introducing innovative ways of doing business. Expressing appreciation for the achievements in sectors like millets and food processing, Shri Goyal urged startups to focus on new areas such as artificial intelligence (AI). He encouraged them to come up with ideas that make life easier and revolutionize existing ways of working.

During his address, Shri Goyal outlined key initiatives that will be taken to further support startups, including the categorization of startups into different sectors for more focused interactions, the sanitization of data to identify their locations and track development stage of the startups, and efforts to ensure all startups are registered on the Department for Promotion of Industry and Internal Trade (DPIIT) portal.

The Minister called for greater collaboration and mentoring through the MAARG portal – Mentorship, Advisory, Assistance, Resilience and Growth of Startup India. He emphasized the importance of outreach and on-boarding startups with the Government e-Marketplace (GeM) as the process for onboarding of startups has been simplified. Shri Goyal encouraged startups to register for patent, copyright, and trademark protections as the fees have been reduced for startups.

Shri Goyal announced that ‘Startup Maha Kumbh’ is scheduled to be organized in March 2024. He assured continued government support for the startup ecosystem, inviting entrepreneurs to leverage the vast consumer market and work collaboratively to transition from an emerging to a developed startup system.

States Startup Ranking Framework 2022 Results

Category A States (Population more than 1 crore)

Performance States
Best performer Gujarat



Tamil Nadu

Top Performer Maharashtra





Leader Andhra Pradesh


Madhya Pradesh

Uttar Pradesh


Aspiring leader Bihar


Emerging Ecosystems Chhattisgarh


Jammu and Kashmir

Category B States (Population less than 1 crore)

Performance States
Best performer Himachal Pradesh
Top Performer Arunachal Pradesh


Leader Goa



Aspiring leader Andaman and Nicobar Islands


Emerging Ecosystems Chandigarh

Dadra and Nagar Haveli and Daman and Diu





For States’ Startup Ranking 2022, National Report, Compendium of Best Practices and State Reports, click here.

For more details on National Startup Awards 2023, click here.