Startups key to India’s transformation: Piyush Goyal

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Photo by Marvin Meyer on Unsplash

Indian startups are more than commercial success stories and they are key to India’s transformation, said Union Commerce and Industry Minister Piyush Goyal.

“There is a new energy in our startups space. In just first 6 months of 2021, India has been to see 15 more unicorns,” Goyal said while addressing the Plenary Session of CII- Horasis India Meeting 2021 on India’s Emerging Industry & Trade Architecture.

He said that despite COVID-19 disruptions, there are clear indications of economic revival in India.  Exports are going up and FDI inflows are highest.

The Minister said that highest ever merchandise have been logged for exports in a quarter during Q1 FY22 at $95 billion, which was 18% more than a year earlier.

India is working in mission mode to achieve target of $400 billion merchandise exports in 2021-22.

Goyal noted that ‘Self Reliant India’ does not mean closing our doors to the world, on the contrary, it empowers us to engage with greater confidence & competitiveness.

Some of these key changes include large scale Digitisation, Modernisation, Simplification & Facilitation.

Goyal implored that Indian Industry must rest on strong foundations of Quality, Productivity & Economies of Scale. He said that under PM Modi, India decided to revolutionise its manufacturing sector by bringing the PLI Scheme – to produce national manufacturing champions in each sector.

It may be noted that centre has announced the PLI schemes worth $26 billion covering 13 sectors in the 5 years.

The Minister said that India endorses the concept of working towards ensuring a transparent, dependable & reliable supply chain and there is natural inclination among countries to partner with India. He said that India was expediting FTAs with major world economies.

Goyal said that all stake holders of India’s economic progress and participants in the session, should look for emerging short term and long-term growth opportunities.

Vaccines, pharma products, ICT-related goods & services etc are good possible areas of opportunities for immediate & short-term need exist.

In long-term, areas like digitisation, clean energy & GVCs remain great areas of growth. Sectors like agri, textiles, engineering goods, electronics, marine products, shipping services etc also offer great opportunities for the nation.