Union minister of commerce and industry Piyush Goyal addressing the FICCI’s annual convention on Saturday.(@PiyushGoyal/Twitter screengrab)
Union minister of commerce and industry Piyush Goyal addressing the FICCI’s annual convention on Saturday.(@PiyushGoyal/Twitter screengrab)

Startups are going to be backbone of new India: Piyush Goyal

Piyush Goyal said that the government will identify areas where India has competitive and comparative advantages, which sectors can become global players and contribute to global trade in a bigger way.
Hindustan Times, New Delhi | By hindustantimes.com | Edited by Kanishka Sarkar
UPDATED ON DEC 12, 2020 05:31 PM IST

Startups are going to be the backbone of the new India and the ecosystem of startups in the country is encouraging innovation, promoting and strengthening new young entrepreneurs, businesses with new ideas and ways of doing business, Union minister of commerce and industry Piyush Goyal said on Saturday.

Speaking at FICCI’s annual convention and 93rd annual general meeting, Goyal urged the Indian industry to support startups by providing financial support, handholding, opportunities and mentorship so that they can grow without resorting to dilution of their stakes to foreign companies at very low valuations at the initial stage itself.

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On India’s goal of becoming self-reliant, the commerce minister said, “The scale of manufacturing, coupled with quality and productivity, can truly make India competitive in several sectors and help move towards an Aatmanirbhar Bharat which is going to be an important building block of the New India.”

Goyal said that the government will identify areas where India has competitive and comparative advantages, which sectors can become global players and contribute to global trade in a bigger way. “The tyre and rubber industry ecosystem can become a great business leader in the years to come. We will be encouraging rubber plantation through the support of private investment and the government will give adequate support to the tyre industry so that it can grow and flourish.

The Union minister said that the government has also identified 24 other sectors on which work is going on by industry leaders who are working together to come up with an actionable agenda to add nearly Rs 200 lakh crore worth of manufacturing in India in the next 10 years. “This will certainly add lakhs of job opportunities and create scale & quality in different sectors,” he said.

Talking about the reforms in the agriculture sector against which thousands of farmers have been protesting for over two weeks now, Goyal said the central leadership is committed to the welfare of farmers and the new laws, enacted during Parliament’s monsoon session, without changing the past systems will open up new opportunities to do trade, commerce and business for the farmers. “This will bring more investment in rural India and increase farmers’ income,” he added.

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