Ecosystem of startups is encouraging innovation, promoting young entrepreneurs: Piyush Goyal

The importance of startups in powering up economic growth has been underlined time and again by the government, which has taken a number of steps to help entrepreneurs set up their own little businesses and virtually handhold them through the tough times, especially after the coronavirus pandemic hit the country. Startups are going to be the backbone of India, said Union Minister Piyush Goyal on Saturday while adding that the ecosystem of startups is encouraging innovation, promoting and strengthening new young entrepreneurs along with businesses with new ideas and new ways of doing business. "Startups are going to be the backbone of new India. The ecosystem of startups is encouraging innovation, promoting and strengthening new young entrepreneurs, businesses with new ideas, new ways of doing business," said Goyal.

"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," he added. The Union Minister further stated, we have identified another 24 sectors on which work is going on by industry leaders who are working together to come up with actionable agenda to add nearly Rs 200 lakh crores worth of manufacturing in India in the next 10 years. The Union Minister was addressing the 93rd Annual Convention of Federation of Indian Chambers of Commerce and Industry (FICCI).

"I have no doubt in my mind that that FICCI will be a part of our journey of a new India, of transforming India and building a more powerful India," said Goyal. "I do hope that as we go forward, FICCI will engage more with the Government to transform Indian business and commerce and move towards making India a prosperous and developed nation," he added. Appreciating the proliferating digital environment, the minister said: "As we go forward in the post-COVID world, we will see a mix of virtual and physical engagements, combining to help us expand our global outreach, helping us reach out to new markets, customers and products. " The Union Minister further said, 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".

"I thank FICCI for their support in our initiative to create Brand India. The Brand India initiative is an idea where government and industry will partner with each other and we will develop both on the Make in India side and overall Brand India side," said Goyal."The programme will lead to USD 300 billion addition to our manufacturing ecosystem. This will certainly add lakhs of job opportunities and create scale and quality in different sectors," he added. The Union Minister also said, under the Brand India initiative, consumers both in India and internationally will be educated about products which are made in India.

"We are pushing all industry to certify the Make in India products. Under the Brand India initiative, we are also looking at branding India. It`s time now that India demonstrates to the world our leadership position and commitment of quality," said Goyal.

"I think it is time that India demonstrates to the world, our leadership position and commitment of quality. Once a product is branded an Indian brand, it should demonstrate to the world that it is of superior quality," he added.

Earlier today, Prime Minister Narendra Modi had also addressed the 93rd Annual Convention of FICCI. 
 

The story has been taken from a news agency