Piyush Goyal: Indian Startups No Longer Need Annual Funding Support

 

Union Commerce and Industry Minister Piyush Goyal recently stated that Indian startups have grown beyond the need for yearly fund allocations. Speaking on January 4, Goyal highlighted that SIDBI, the operating body for the Startup India programme, has started generating returns, with ₹1,600 crore added to its fund corpus.

 

India, home to the third-largest startup ecosystem globally, boasts over 1.5 lakh startups spanning 80% of its districts. While some startups have seen their valuations drop due to global market challenges, Goyal clarified that the government does not interfere in such matters, including when valuations fall due to mismanagement.

 

The Minister praised the success of young entrepreneurs like Zepto’s 19-year-old founder, who led the company to unicorn status. He also noted that the removal of the angel tax has been widely celebrated, attracting more startups to relocate to India—a testament to the country’s robust business environment.

 

Goyal further emphasized India’s emergence as a global hub for deep tech investments, with investors showing confidence in billion-dollar opportunities. Addressing Blinkit’s recent launch of a 10-minute ambulance service, he stressed the importance of businesses complying with legal and ethical standards.