Synopsis
India, currently the fifth-largest economy, is projected to become the fourth-largest by 2025 and the third-largest by 2027, according to Union Minister Piyush Goyal. This growth is attributed to the dynamic startup ecosystem, which is crucial for India's vision of becoming a global leader in innovation and industry.Key Takeaways
- India is the fifth-largest economy and aims to be third by 2027.
- Strong startup ecosystem drives economic growth.
- Investment in emerging technologies is crucial.
- Government supports innovation and entrepreneurship.
- Domestic investment is key to economic resilience.
New Delhi, April 3 (NationPress) Currently the world's fifth-largest economy, India is on a trajectory to become the fourth-largest by the end of 2025 and the third-largest economy by 2027 — overtaking Japan and Germany, according to Union Minister of Commerce and Industry, Piyush Goyal, who attributed this progress to the vibrant startup ecosystem.
During the inaugural event of the second edition of ‘Startup Mahakumbh’, Goyal emphasized the importance of investments in cutting-edge technologies such as robotics, automation, machine learning, 3D manufacturing, and next-generation factories. He stated that these advancements are vital for achieving the vision of Viksit Bharat 2047 and for positioning India as a global leader in industry and innovation.
At the event, which takes place from April 3-5, the minister highlighted the growing significance of startups in propelling India's economic and technological advancement.
Encouraging Indian investors to back the local startup ecosystem, Goyal reaffirmed the government’s dedication to promoting innovation and entrepreneurship.
He assured support for those encountering hurdles in their startup endeavors, motivating them to persist and try again. Goyal also pointed out the necessity of enhancing domestic capital investments, asserting that a solid foundation of indigenous investment is critical to diminish reliance on foreign capital and to ensure long-term economic stability.
He praised the organizing committee, sponsors, and participants for their significant contributions in making the event a remarkable success.
Goyal expressed his ambition to make the next Startup Mahakumbh even larger, aiming for participation from all 770 districts.
Sanjiv, Joint Secretary, DPIIT, remarked that India’s startup ecosystem is a hub of innovation, and ‘Startup Mahakumbh’ exemplifies its strength and potential.
Harsha Vardhan Agarwal, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), stated, “India is increasingly emerging as a preferred choice for startups that were previously established abroad, due to favorable policies and accessibility to capital.
