Union Minister Piyush Goyal, spearheading key ministries including Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, recently engaged in a dynamic discourse with innovators and entrepreneurs on the eve of India’s 75th Republic Day. This strategic interaction in New Delhi illuminated the profound impact of women-led development on India’s economic narrative, resonating with the theme of ‘nari shakti’ showcased at the Republic Day Parade.
Goyal, lauding the burgeoning participation of women in India’s startup ecosystem, underscored its pivotal role in fostering innovation and economic growth. Noteworthy statistics revealed that 20 unicorns are currently led by women, indicative of a paradigm shift towards inclusive entrepreneurship. Furthermore, there has been a notable surge in women patent holders, with the Indian Patent Office granting a record 75,000 patents in the past 10 months alone, a testament to India’s innovative prowess.
In the realm of business facilitation, Goyal highlighted a concerted effort to streamline regulatory frameworks, citing the elimination or simplification of 40,000 compliance procedures nationwide. This initiative aims to alleviate burdens on entrepreneurs and foster a conducive environment for business operations. Goyal emphasized the government’s commitment to decriminalizing and rationalizing business laws, exemplified by the passage of the Jan Vishwas Bill, a landmark legislation promoting trust-based governance.
Reflecting on transformative initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), Goyal underscored its instrumental role in empowering entrepreneurs and catalyzing India’s economic trajectory. From propelling India from the ‘fragile five’ to the world’s fifth-largest economy to mitigating inflationary pressures, PMJDY stands as a beacon of financial inclusion and economic resilience.
Goyal expressed unwavering confidence in India’s youth, envisioning a corruption-free nation propelled by collaborative efforts, particularly among women. With initiatives like the ‘Lakhpati Didi Scheme’ and a resolute commitment to innovation-driven growth, India is poised to ascend as a global economic powerhouse. Goyal rallied startups and innovators to embrace this transformative journey, aligning with India’s vision to emerge as a developed nation by its centenary year of independence in 2047.
Background:
The Government’s steadfast commitment to nurturing innovation and fostering entrepreneurial spirit culminated in the launch of the Startup India initiative in January 2016. Aligned with the vision of Viksit Bharat @2047, this initiative aims to propel India towards becoming a developed nation by its 100th year of independence. Today, with over 1,17,000 recognized startups across all states and union territories, the ecosystem has flourished, generating over 12 lakh jobs.
The Department for Promotion of Industry and Internal Trade (DPIIT) has spearheaded legislative reforms to modernize IP laws, enhance accessibility, and streamline administrative processes. By incentivizing innovation through schemes like the Scheme for Facilitating Start-Ups Intellectual Property Protection (SIPP) and facilitating credit access via initiatives like Mudra Yojana, DPIIT has catalyzed India’s
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