New Delhi, February 11 (HS): Union Commerce and Industry Minister Piyush Goyal said on Tuesday that the number of registered government startups is expected to increase to 10 lakh in the next 10 years due to the steps taken to promote the growth of emerging entrepreneurs in the country. Currently, there are 1.57 lakh registered startups as compared to 450 in 2016.
The Union Minister said this while addressing the India-Israel Business Forum Meet held here. Goyal said that we are now the third largest startup ecosystem in the world, which has grown from 450 registered startups to 1.57 lakh today in nine years. In the next 10 years, we hope to take it to one million. There are huge business opportunities for companies here.
Goyal said, I was very happy to address the ‘India-Israel Business Forum’ along with Israel’s Minister of Economy and Industry Nir M. Barkat. India’s remarkable development journey and economic growth under the leadership of Prime Minister Narendra Modi, the enduring strategic partnership between India and Israel and how both countries can take advantage of each other’s expertise in key areas such as agri-tech, finance and emerging technology.
He highlighted the ‘India opportunity’, which has immense potential for cooperation, innovation and investment and how businesses of both countries can grow together and contribute to mutual progress.
In fact, the Startup India initiative was launched on January 16, 2016 with the intention of creating a strong environment in the country. Currently there are 1.57 lakh registered startups, whereas in 2016 their number was 450. Under this initiative, the Government through its flagship schemes Fund of Funds for Startups, Startup India Seed Fund Scheme and Credit Guarantee Scheme for Startups has provided financial support to eligible recognized startups in various sectors through various stages of their business cycle.
A high-level Israeli business delegation led by Nir M. Barkat, Minister of Economy and Industry, Israel, is here for the India-Israel Business Forum and India-Israel CEO Forum meetings. The two sides are discussing ways to further promote trade and investment between the two countries. They are exploring new avenues of economic cooperation, technology collaboration and investment opportunities. The delegation comprises representatives from Israeli enterprises and sectors such as technology, manufacturing, healthcare, agritechnology, food processing, defence, internal security, water management, logistics and retail.
Bilateral trade between India and Israel has declined to US $ 6.53 billion in the financial year 2023-24, from US $ 10.77 billion in the financial year 2022-23. India received foreign direct investment of US $ 327 million from Israel during April 2000 to September 2024.
Hindusthan Samachar / Jun Sarkar
