Piyush Goyal highlights India's startup growth during Japan visit as count nears to '250000': ‘Great companies aren’t…'

Union Commerce and Industry Minister Piyush Goyal emphasized India's burgeoning startup ecosystem during his visit to Japan. He noted that the number of startups has surged from approximately 400-500 a decade ago, following the launch of Startup India, to nearly 250,000 today, reflecting a significant shift in perspective. Goyal stressed that companies should be built with a long-term vision rather than solely focusing on short-term performance metrics.

"Great companies are not built for a quarter performance or an annual performance, they are built for generations," Goyal stated, according to an official report. He called for sustainable growth and deeper capital flows, aiming to attract $50 billion in investments. India is developing a framework to simplify BIS certification requirements for high-tech firms to boost semiconductor manufacturing and attract substantial investments.

India's startup landscape, now 10 years after the inception of Startup India, has witnessed a substantial transformation, with the number of startups growing from a few hundred to over 250,000. Goyal, on the third day of his Japan visit, engaged in discussions with Japanese industry leaders to bolster India-Japan collaboration in various sectors, including financial services, banking, investment, trade, mobility, and industrial development.

He met executives from Nippon Life Insurance, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Toyota Tsusho Corporation to explore new avenues for stronger economic ties. Goyal invited Japanese businesses and startups to partner with Indian companies, highlighting that such cooperation could lead to widespread prosperity for both nations.