Commerce and Industry Minister Piyush Goyal expressed optimism on Tuesday that the number of government-registered startups in India will rise to 10 lakh over the next ten years, driven by initiatives supporting entrepreneurial growth. Currently, India has 1.57 lakh registered startups, a significant increase from just 450 in 2016, following the launch of the Startup India initiative on January 16, 2016.
India’s Growing Startup Ecosystem and Investment Opportunities
The initiative provides eligible startups with various tax and non-tax benefits, underlined by schemes like the Fund of Funds for Startups (FFS), Startup India Seed Fund, and the Credit Guarantee Scheme, offering financial support across different stages of their business cycle.
Goyal highlighted India’s rise to being the third-largest startup ecosystem globally, with expectations to reach one million startups in the next decade. He also encouraged Israeli businesses to invest in India, citing the vast domestic market of 1.4 billion people.
India-Israel Business Forum Explores Trade, Collaboration, and Investment Opportunities
The occasion was marked by the India-Israel Business Forum, with a high-level delegation from Israel, including Minister of Economy and Industry Nir M. Barkat, exploring opportunities for trade, technological collaboration, and investment. The delegation comprised Israeli companies from diverse sectors like technology, manufacturing, healthcare, agri-tech, defense, water management, and retail.
Israeli investments in India are growing, particularly in renewable energy, water technology, and defense, while Indian companies have also made strides in Israel, especially in pharmaceuticals, IT, and infrastructure. However, bilateral trade between the two countries has seen a decline, falling from $10.77 billion in 2022-23 to $6.53 billion in 2023-24. Despite this, Israel remains a key source of foreign direct investment, with $327 million in FDI flowing into India between April 2000 and September 2024.
