Startups key to make India 3rd largest economy by 2027: Piyush Goyal

New Delhi, April 3 (IANS) Currently the world's fifth-largest economy, India is on track to become the fourth-largest by the end of 2025 and the third-largest economy by 2027 — surpassing Japan and Germany, Union Minister of Commerce and Industry, Piyush Goyal, said on Thursday while crediting this growth to the robust startup ecosystem.

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.

—IANS

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