Hoping to increase govt-registered startups to 10 lakh in 10 years: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday expressed hope that the number of government-registered startups would increase to 10 lakh in the next ten years due to the steps taken to promote growth of these budding entrepreneurs in the country.

At present, there are 1.57 lakh registered startups as compared to 450 in 2016.

With an intent to build a strong ecosystem of the country for nurturing innovation and promoting startups, the government launched the Startup India initiative on January 16, 2016.

As per the government's eligibility conditions, entities are recognised as 'startups' under the Startup India initiative. These units are eligible to avail tax and non-tax incentives under the Startup India action plan.

Under the initiative, the government through its flagship schemes Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme and Credit Guarantee Scheme for Startups, has provided financial assistance to eligible recognised startups across sectors and through various stages of their business cycle.

"We are now the third-largest startup ecosystem in the world, growing from 450 registered startups to 1.57 lakh today in nine years. In the next 10 years, we hope to take it up to a million," Goyal said here at the India-Israel Business Forum meet.

The minister invited Israeli investments stating that huge business opportunities are here for companies.

India provides a huge domestic market of 1.4 billion people.

A high-level Israeli business delegation, led by Israeli Minister of Economy and Industry Nir M Barkat is here for India-Israel Business Forum and India-Israel CEO Forum meets.

Both sides are discussing ways to further promote trade and investments between the two countries.

They are exploring new avenues of economic cooperation, technological collaboration, and investment opportunities.

The delegation includes Israeli enterprises and representatives from sectors such as technology, manufacturing, healthcare, agri-tech, food processing, defence, homeland security, water management, logistics, and retail.

Israeli investments in India have been expanding, with various Israeli companies operating in various sectors, including renewable energy, water technology, defence, and manufacturing.

Similarly, Indian companies have made significant inroads into Israel, particularly in pharmaceuticals, IT, and infrastructure.

The bilateral trade between India and Israel decreased to $6.53 billion in 2023-24 from $10.77 billion in 2022-23. India received $327 million foreign direct investment (FDI) from that country during April 2000 and September 2024 period.