April 2, 2025

Innovation has always been a part of the Indian DNA

Minister of commerce argues, in the context of a startup meet today, GOI’s supporting policies for entrepreneurship are creating a culture where new ideas and R&D are becoming the norm.

After the success of Mahakumbh at Prayagraj sangam, it’s time to celebrate the confluence of three streams of development – innovation, job creation and entrepreneurship, carrying forward PM’s vision of vikas (development) and virasat (heritage) for a vibrant India.

The three streams will converge at Startup Mahakumbh on April 3. Like the spiritual gathering at Prayagraj, Startup Mahakumbh is being organised on a grand and global scale.

The event will bring together over 3,000 startups, 1,000+ investors, 500+ speakers, and more than 15k delegates and business visitors from across the globe, with participation from over 50 countries. It will be a powerful platform for startups to explore collaborations, mentorship, funding, and access to new markets. With masterclasses, knowledge sessions, and networking forums, the event will not only fuel innovation but also inspire the next generation of entrepreneurs to launch their own ventures.

Also, a three-tier investor-led jury process will select 150 finalists in what will be India’s largest private sector funded Grand Innovation Challenge with a ₹50cr prize pool.

Innovation | Be it the game of chess or the concept of ‘zero’ in ancient India, or UPI, Chandrayaan and Mangalyaan of today, innovation has always been a part of the Indian DNA. New ideas, innovative goods and services achieved through healthy R&D will propel India in its mission to become a developed country by 2047. Appropriately, the theme of the event is Startup India @2047.

In his Independence Day speech in 2015, PM articulated his vision of making India a global startup hub and transforming the country into a nation of job creators. Shortly thereafter, the Startup India initiative was launched.

It has unleashed a groundswell of youthful energy that’s transforming India’s entrepreneurial landscape. The number of registered startups has risen exponentially from just about 500 in 2016 to about 1.7L now. These ventures are spread across more than 55 sectors including fintech, deeptech, edtech, nanotech, biotech, space tech, agri tech and health tech, helping India emerge as a cradle of major tech-driven entrepreneurship.

GOI is also taking initiatives to support funding of startups. Last year’s budget abolished Angel Tax, a move applauded by new entrepreneurs. This year, the budget launched a new ₹10k cr Fund of Funds.

Jobs & solutions | Govt registered startups have created 17.69L direct jobs as on Jan 31, 2025. They’re providing cutting-edge solutions to real-world challenges. Revolutionising breast cancer detection with non-invasive, AI-powered thermal imaging tech; simplifying rural trading by connecting farmers directly with buyers; providing affordable and efficient payment gateway solutions; creating ecofriendly products that convert waste to wealth; securing cyberspace are but a few among several examples of challenges addressed by our startups for India and the world.

Indian startups are nimble and quick-footed. During the pandemic, startups that had developed strong analytical solutions, drones, telecom platforms etc quickly pivoted to leverage these technologies for contact tracing, quarantine monitoring, and developing dashboards for war rooms. They played a key role in producing critical equipment such as PPE kits, ventilators, and sample collection products and services.

Entrepreneurial culture | The Startup India initiative has significantly transformed the country’s entrepreneurial mindset. Where once families sought the comfort of a secured job, today they encourage and take deep pride in entrepreneurial adventures of their young family members. This is driving our energetic youth to become job creators instead of job-seekers.

Ventures born out of such energy are scaling new heights. The number of Indian unicorns having more than $1bn valuation has jumped from less than 10 before 2016 to more than 110 today, with a collective valuation of over $385bn, according to industry estimates.

Support in public procurement | Our govt has made special provision of preferential treatment for eligible startups in the Govt e-Marketplace (GeM). This platform gives sellers transparent and corruption-free access to procurement by govt departments, thereby helping entrepreneurs bypass complex procedures and entrenched vested interests that operated before its launch.

GeM has enabled 29,780 govt-registered startups to fulfil 4,09,155 orders worth ₹37,460cr with the help of democratised market access, easy product listing and relaxation in the requirements of turnover and experience in public procurement.

Beacons of New Bharat | Today, startups are beacons of hope of New Bharat. The thriving startup ecosystem is transforming the Indian economy to enhance ‘Ease of Living’ for our citizens. Prayagraj Mahakumbh showcased India’s spiritual grandeur to the world and made our youth proudly embrace our culture, heritage and beliefs. The startup ecosystem built and nurtured by PM is helping youth embrace the entrepreneurial culture that’ll make Bharat a global powerhouse of innovation, new tech and new ideas.