After the spectacular success of the Mahakumbh at Prayagraj Sangam, it is time to celebrate the confluence of three streams of development — innovation, job creation and entrepreneurship, carrying forward Prime Minister Narendra Modi’s vision of vikas (development) and virasat (heritage) for a vibrant India.
The three streams will converge at the Startup Mahakumbh on April 3. Like the awe-inspiring spiritual gathering at Prayagraj, the Startup Mahakumbh is being organized on a grand and global scale.
The event will bring together over 3,000 startups, 1,000+ investors, 500+ speakers, and more than 15,000 delegates and business visitors from across the globe, with participation from over 50 countries. It will be a powerful platform for startups to explore collaborations, mentorship, funding, and access to new markets. With dedicated master classes, knowledge sessions, and networking forums, the event will not only fuel innovation but also inspire the next generation of entrepreneurs to launch their own ventures.
Also, at this year’s Mahakumbh, a three-tier investor-led jury process would select 150 finalists in what will be India’s largest private sector funded Grand Innovation Challenge with a Rs. 50 crore prize pool.
Innovation
Be it the game of chess or the concept of ‘zero’ in ancient India, or the UPI, Chandrayaan and Mangalyaan of today, innovation has always been a part of the Indian DNA. New ideas, innovative goods and services achieved through healthy research and development will propel India in its mission to become a developed country by 2047. Appropriately, the theme of the event is Startup India @2047.
PM Modi’s Vision
In his Independence Day speech in 2015, PM Modi articulated his vision of making India a global startup hub and transforming the country into a nation of job creators. Shortly thereafter, the transformational Startup India initiative was launched.
This initiative of PM Modi has unleashed a groundswell of youthful energy that is transforming India’s entrepreneurial landscape. The number of registered startups has risen exponentially from just about 500 in 2016 to about 1.7 lakh now. These ventures are spread across more than 55 sectors including Fin-tech, Deep-tech, Ed-tech, Nano-tech, Bio-tech, Space-tech, Agri-tech and Health-tech, helping India emerge as a cradle of major technology-driven entrepreneurship.
The Government is also actively taking initiatives to support funding of startups. In last year’s budget, our Government abolished the Angel Tax, a move that was applauded by new entrepreneurs. This year, the budget launched a new Rs 10,000 crore Fund of Funds.
Jobs & Solutions
Government registered startups have created 17.69 lakh direct jobs as on Jan 31, 2025. In addition, they are providing cutting-edge solutions to real-world challenges. Revolutionizing breast cancer detection with non-invasive, AI-powered thermal imaging technology; simplifying rural trading by connecting farmers directly with buyers; providing affordable and efficient payment gateway solutions; creating impressive eco-friendly products that convert waste to wealth; securing our cyberspace are only a few among many examples of the challenges addressed by our startups for India and the world.
Our startups are also very nimble and quick footed. During the COVID-19 pandemic, startups that had developed strong analytical solutions, drones, telecommunications platforms, etc. quickly pivoted to leverage these technologies for contact tracing, quarantine monitoring, and developing dashboards for war rooms. They had a key role in producing critical equipment such as PPE kits, ventilators, and sample collection products and services.
Entrepreneurial Culture
The Startup India initiative has significantly transformed the entrepreneurial mindset across the country. Where once families sought comfort of a secured job, today they encourage and take deep pride in the entrepreneurial adventures of their young family members. This is driving our energetic youth to become job creators instead of job-seekers.
Ventures born out of such energy are scaling new heights. The number of Indian unicorns having more than a billion dollar valuation has jumped from less than 10 before 2016 to more than 110 today, with a collective valuation of over USD 385 billion, according to industry estimates.
Support in Public Procurement
Our Government has made a special provision of preferential treatment for eligible startups in the Government e Marketplace (GeM). This platform gives sellers transparent and corruption-free access to procurement by Government departments, thereby helping entrepreneurs bypass complex procedures and entrenched vested interests that operated before its launch.
GeM has enabled 29,780 government registered startups fulfil 4,09,155 orders worth Rs 37,460 crore with the help of democratised market access, easy product listing and relaxation in the requirements of turnover and experience in public procurement.
Beacons of New Bharat
Today, startups are beacons of hope of New Bharat. The thriving startup ecosystem is transforming the Indian economy to enhance the ‘Ease of Living’ for our citizens.
The Mahakumbh at Prayagraj showcased India’s spiritual grandeur to the world and made our youth proudly embrace our culture, heritage and beliefs. The startup ecosystem built and nurtured by PM Modi is helping the youth embrace the entrepreneurial culture that will make Bharat a global powerhouse of innovation, new technology and new ideas.
(The Author is Union Minister of Commerce and Industry. Courtesy: PIB)
