India ‘naturally’ emerged world’s startup capital with highest registered startups, says Piyush Goyal

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Published: October 15, 2019 4:11:03 PM

Startup India initiative, launched by Prime Minister Narendra Modi in January 2016 has 23,705 startups recognised by DPIIT while 264 have been funded so far.

Goyal, speaking at an event for the energy sector, claimed India to soon become the world’s innovation capital.

Even as the Indian startup ecosystem is among the biggest startup hubs globally with over $1 billion private valuation companies including Paytm, OYO, Swiggy, Ola, Udaan, Freshworks etc., the government continues to acknowledge its significance towards innovation. Commerce minister Piyush Goyal on Tuesday said that India has ‘naturally’ emerged as the startup capital of the world with the highest registered startups. Startup India initiative, launched by Prime Minister Narendra Modi in January 2016 has 23,705 startups recognised by DPIIT while 264 have been funded so far, according to the Startup India portal.

Goyal, speaking at an event for the energy sector, claimed India to soon become the world’s innovation capital. The minister also cited interactions with youngsters from across including the remote regions having ideas to solve economic and social problems of the country.

The minister also recognized the startup fund created by the oil PSUs under the Petroleum Ministry. 10 oil companies including Indian Oil, ONGC had launched a Rs 320 crore fund for startups in the oil and gas sector in October 2017 for three years.

Also read: Tech boost for MSMEs: Govt invites bids from CPSEs to set up technology centres for small businesses

The government’s Fund of Funds saw a total commitment of Rs 3,243 crore been made by SIDBI — its operating agency to SEBI registered alternative investment funds with additional Rs 2,375 crore in the pipeline, DPIIT had said in July this year. SEBI has 49 registered alternative investment funds.

India is currently the third-largest energy consumer globally in absolute terms, after the US, however per capita energy consumption is very low, Commerce ministry said in a statement. The ministry stressed on the need for a healthy mix of all commercial energy sources while India has to fulfil its rising energy demand if the country has to achieve the target of 450 megawatts set by PM Modi.

The last (Q3) quarter of 2019 saw the biggest quarterly come back of the venture financing in Indian startups since Q3 2017 in terms of the total deal value at around $3.5 billion vis-a-vis a little over $5 billion back in the third quarter of 2017, according to a report by KPMG.

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