Ease-of-doing-biz helped India create 3rd largest startup ecosystem in world: Piyush Goyal

Bengaluru, Sep 19: Union Commerce Minister Piyush Goyal Sunday said simplification, facilitation and ease-of-doing business has helped India create the third largest startup ecosystem in the world.

"India has been able to create the third largest startup ecosystem in the world since the launch of Startup India in January 2016. This has been possible by focusing on three pillars of reform, either simplification, facilitation and bringing ease in starting and doing business," he said addressing an IIT-B event here.

The 2020 New Education Policy also will help India to create an even bigger startup ecosystem because schools will now sow the seeds of innovative ideas and fan the fire at a young age, Goyal said.

The Silicon Valley innovated for the world's first billion, India wants its entrepreneurs to innovate for the next 6 billion, the minister said.

He further said India wants to become the innovation hub of the world. "By promoting our startups we are in turn creating future global leaders," he said.

India's startups must grow beyond its geographical boundaries and create global impact, Goyal said.

There are huge opportunities to innovate in agri, handlooms, natural silk and man-made fibres, among other things, he said.

Goyal further said Karnataka is the most dynamic state in the country and the birthplace of many innovations and innovations.

He said the contribution of Bharat Biotechnology to control Covid is immense and that bengaluru is making its own contribution to the country's economic development.

The central government has taken seriously the economic woes during the pandemic and has taken many steps for the survival and growth of enterprises.

He said the government was committed to the encouragement of innovators.