Home / News / India /  India got a solid startup ecosystem due to futuristic vision and decisiveness: Goyal

Union Commerce and Industry Minister Piyush Goyal on Tuesday said at an event that futuristic vision combined with decisiveness has provided India with a solid startup ecosystem. At the inauguration of 1st Shanghai Cooperation Organisation (SCO) Startup Forum, he said, "Youth is our wealth, and in these times of vulnerability and uncertainty, they have responded with agility, adaptability and ability."

Goyal said that India's startups have demonstrated their ability to convert this severe adversity into a great potential of the future. Lauding Indian startups for demonstrating high energy and enthusiasm to give many timely and cost-effective solutions, he said “Our hunger for growth is demonstrated by the number of EdTech apps for upscaling & education which have provided free access to content for learning to millions of Indians during the COVID period. All our youngsters have created many critical applications which have helped many sectors go digital and face the problems of the pandemic with confidence & emerge successfully as we unlock economy and expand economic activity."

Goyal said that young firms in India have reacted fast and very flexibly to coronavirus pandemic by sharing their best practices and knowledge, engaging corporates and investors, monetising and mobilising capital, setting up incubators, and providing exposure and scale. He said that through these, innovative ideas of startups will get larger engagement.

Goyal said that India recognised some very interesting startups in the first-ever national startup award programme. “We provided an encouraging framework to have more startups come up with brilliant ideas", he added. He said that Prime Minister Narendra Modi has been at the forefront of India's engagement with the startups.

Lauding the initiative of SCO to include several sessions including exclusive discussions to promote women entrepreneurship, Goyal said that In India, a large number of startups have been founded by women. Goyal said today's launch of the SCO startup forum is the reflection of the positive attitude of all the member states to further expand the engagement and nurture the spirit of innovation amongst our member states. He said that one of the common threads that knit the SCO member states together is the spirit of entrepreneurship. Launch of the SCO Startup Forum is the reflection of the positive attitude of all member states to nurture innovation amongst all, he added. He said that this engagement with startups of all member states will further develop this ecosystem and encourage and expand the startups' vision, as in this globalised world, our problems have also become planetary in scale and effect.

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