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Union minister Piyush Goyal said on Tuesday that India's remarkable economic scale and market potential have played a pivotal role in enabling startups to flourish and thrive in the global startup ecosystem. 

Addressing the ‘Startup20 Shikhar’ in Gurugram, Goyal, the Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, said that there must be a global effort to nurture inclusive, supportive and sustainable startup ecosystems in all parts of the world to address global challenges.

He said that it is not just the role of individual nations, but the collective responsibility of all the nations to support innovation and the startup ecosystem. 

Highlighting the importance of the discussions on startups in the G20, the minister said that the focus has to be on facilitating exchange of ideas, best practices and funding mechanisms and promoting collaborations in research and development. 

Goyal said that India is delighted to engage with its partner countries through Startup20 and it remains committed to sharing experiences and working together to encourage the new generation of job creators who are reshaping the future. 

He said that India has a unique startup culture and large market potential, which are truly beneficial for startups.

The minister added that India, a relatively new entrant in the startup ecosystem, has already become the world's third-largest startup ecosystem.

Goyal said the country's aspirations extend beyond this achievement, with a focus on fostering entrepreneurship among not only the youth, but also individuals from diverse age groups. 

He said that over the last seven years, India's 100,000 registered startups, including more than 100 unicorns, have made significant contributions to various sectors such as health, finance and agriculture and generated employment opportunities besides giving a boost to innovation.

Goyal highlighted that Gurugram, known as an economic powerhouse in Haryana, showcases the dynamic landscape of India's startup ecosystem with over 100 Fortune 500 companies, leading tech firms, and numerous startups.