IGI Logo

Union minister Piyush Goyal has said the less the government interferes in the startup ecosystem, the more potential it will have to become successful. However, Goyal added the government can play the role of a facilitator. He mentioned ‘Look at the IT sector. It is successful in India, because the government has no role to play. Allowing entrepreneurs to operate with less amount of government interference or involvement will them help come up with cost-effective and affordable solutions, and to improve their quality and designs. Crutches only help them in the short run. If we really want to let this ecosystem grow and go to great lengths, then we have to let it work on its own’.

Further, he stated ‘If I take the list of unicorns, almost none of them have taken government's support to become unicorns...Government can play a role in reducing taxes. We have reduced the charges for startups and women entrepreneurs in patent filing, etc. Government can be a good facilitator’. He said it is the enterprising spirit of the young boys and girls and entrepreneurs that truly defines success. Unicorn is a startup company with a value of over $1 billion.

Besides, he said almost 46 per cent startups registered with the DPIIT (Department for Promotion of Industry and Internal Trade) have women entrepreneurs. He stated ‘I like the idea of rating the incubators and escalating funding to those that do a good job. The Modi government recognised the power this country has and the Startup India programme was initiated. Today, we have grown to be the third largest startup ecosystem in the world.’