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Bengaluru: Union minister for railways, consumer affairs, commerce and industry, Piyush Goyal on Friday said that skill development will play an important role to give confidence to young entrepreneurs to surge through failures.

Goyal added that today’s young generation have an immense entrepreneurial streak, as they look to be job creators instead of job seekers.

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“Skill development is another area which will play a very important role in fostering the entrepreneurial spirit of giving confidence to other entrepreneurs. I'm sure if we can build that confidence then failure should not be looked down upon. Failure is only a stepping stone to success. To be able to really get more and more of it, youngsters should experiment with their ideas to see what more can be done to expand their horizon and the frontiers of their engagement," said Goyal, who was speaking at Startup India’s international summit, Prarambh, 2021, hosted by the department for promotion of industry and internal trade (DPIIT), ministry of commerce and industry, government of India.

Goyal added that Prime Minister Narendra Modi might have started the startup story in India five years ago with the launch of the Startup India initiative. However, the journey is still at a nascent stage with close to 41,000 startups registered with the commerce department, and many more in the offing in different parts of the country.

The minister also invited startups from neighbouring South Asian countries to come together and collaborate.

“We invite startups from other countries in the neighbourhood in South Asia to engage with our startups in India [...] We see huge potential in this collaboration, because we will see new ideas prospering. We'll see young minds, working together collectively and collaboratively coming up with new ideas, new innovations and new inventions, taking research and development to the very next level," added Goyal.

Along with this the minister also appealed to Indian investors to look at investment opportunities in new-age companies which are a part of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) countries.

“Today, I would like to encourage Indian capital and Indian investors to look at the larger region, our neighboring countries, and work towards creating engagement through investments, mentorship and support to startups within the BIMSTEC region. This way we can truly demonstrate to the world, our joint and collective commitment, and our efforts to make a strong startup ecosystem," added Goyal.

BIMSTEC countries include Bangladesh, Bhutan, India, Nepal, Myanmar, Thailand and Sri Lanka.

During the launch of the event, several representatives and union ministers of these countries provided their keynote.

Speaking at the occasion and giving examples of technology innovation was also Union minister of civil aviation, housing and urban affairs, Hardeep Singh Puri, who added that the ministries have been leveraging drone technology to improve surveillance as well as experiment deliveries of medicines and essentials, especially during disaster management.

“Today, there are over 130 startups in the domain of drones. This is another area where we are keen to support our startups, as drones can not only be used for surveillance, but also for delivering supplies during disaster management delivery of medicines. Based on my experience with civil aviation and housing, drones are being used today to monitor projects on a real time basis to give us precise real time information on a host of activities," added Puri.

Puri added that the progress made in the area of drones and applied technology will position India not just as a regional but also global leader in terms of drones the country will be flying.

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