Indian startups democratising business, converting job seekers into job creators: Piyush Goyal

The domestic startup ecosystem is driving transformative change by democratising business and converting job seekers into job creators, Union Minister of Commerce and Industry, Piyush Goyal, said on Thursday.

Applauding the launch of Startup Policy Forum (SPF), a first-of-its-kind industry alliance dedicated to representing and advancing India's new-age economy, the minister said he is glad to see many founders joining the SPF, which should reinforce India's global leadership in the new-age economy.

“The forum should play a pivotal role in India's journey to become Viksit Bharat by 2047 under the visionary leadership of Prime Minister Narendra Modi,” Goyal added.

The Forum said in a statement that it will limit its members to 100 select startups in its initial phase. Over 30 startups have already signed up as members. Some of these startups are Razorpay, CRED, Pine Labs, Groww, OYO, Swiggy, Practo, Dream11, MPL, Ixigo and Livspace.

Founded and led by public policy veteran Shweta Rajpal Kohli, the Forum will bolster initiatives to promote India's startup ecosystem on a global stage.

“India has become one of the most attractive global hubs for innovation thanks to the government's steadfast focus on catalysing the startup ecosystem and the macroeconomic stability provided by our world-class regulators,” said Kohli, President and CEO of SPF.

To drive sector-specific initiatives and policy expertise, SPF has established four specialised councils: the Fintech Policy Council (FPC), Consumer and Commerce Council (CACC), Emerging Tech & AI Council (ETAC), and New-Age Public Companies Council (NPCC).

These councils will focus on critical areas within the startup ecosystem, collaborating closely with relevant regulators and stakeholders to address unique challenges and opportunities in each sector.

In the near future, SPF will announce the formation of an advisory board and a mentor board, comprising global thought leaders and ecosystem enablers who will guide the Forum's initiatives.

India is currently home to over 1,46,000 DPIIT-recognised startups, and more than 100 unicorns.