On January 16, 2025, Union Minister of Commerce and Industry Piyush Goyal announced the Bharat Startup Grand Challenge in New Delhi, aimed at enhancing India's entrepreneurial ecosystem.
This initiative, part of National Startup Day, includes 75 sector-specific challenges in areas like renewable energy, agritech, and blockchain, providing startups with procurement opportunities, cash prizes, and mentorship.
Goyal emphasized the government's role in supporting startups through initiatives like the Fund of Funds for Startups, which has empowered businesses in smaller cities to grow and contribute to the economy.
He acknowledged the importance of private equity and venture capital in fostering global competitiveness among Indian startups, while highlighting the BHASKAR platform for connecting startups with essential resources.
India's startup ecosystem has seen significant growth, with 76 IPOs in 2024 and an increase from 500 startups in 2016 to over 159,000 by January 2025, creating 1.72 million jobs. The government has facilitated over Rs 13 trillion in funding, particularly in AI and blockchain technologies.
Goyal also noted India's demographic advantage, with a high number of STEM graduates, and initiatives aimed at empowering women entrepreneurs.
The event previewed the upcoming Startup Mahakumbh in April, where 2,500 startups will showcase their innovations. The launch of the PRABHAAV Factbook will document India's startup achievements from 2016 to 2024.
With over 100 unicorns, India's startups are leveraging advanced technologies to tackle significant challenges, contributing to a vision of a self-reliant economy during the next 25 years.