India Aims for 1 Startup Per 1,000 Citizens, Inspired by Israel

Union Minister Piyush Goyal proposes India set a target of one startup per 1,000 individuals, drawing inspiration from Israel's innovation strategy. At an ASSOCHAM event in Delhi, Goyal highlighted the need to promote entrepreneurship among youth to transform India into a global innovation hub.

During a session titled 'Bharat @100: Fuelling Bharat's Global Rise' in Delhi, Union Minister Piyush Goyal urged India to aspire for one startup per 1,000 citizens, inspired by Israel's innovation achievements. He emphasized fostering entrepreneurship among the youth to realize this bold vision.

Goyal praised Israel's focus on innovation, noting that even as a small nation, it boasts one startup per 1,000 inhabitants. He recently discussed this success with the Israeli Trade Minister, who highlighted how innovation has propelled their growth. Goyal suggested that embracing a similar entrepreneurial spirit could position India as a hub for global innovation.

Goyal called on ASSOCHAM to promote entrepreneurship, encouraging young Indians to shift from job-seeking to innovation-driven problem-solving. He articulated the importance of instilling an entrepreneurial spirit to tackle national challenges more boldly.

Highlighting government efforts to ease business operations, Goyal mentioned initiatives to simplify regulations, reduce compliance burdens, and decriminalize certain laws. He cited the replacement of the 1923 Boilers Act with a modern bill as an example of ongoing reforms aimed at enhancing India's business climate.

Discussing India's development vision, Goyal referred to the 'Panch Pran' or five pledges, a collective aspiration of 1.4 billion Indians to see the nation developed by 2047. He stressed the need to abandon a colonial mindset as critical to achieving this dream.

Concluding, Goyal noted that improving business ease not only benefits MSMEs but enhances the overall quality of life for all citizens. He asserted that efforts towards business facilitation inherently lead to a better standard of living.

(With inputs from agencies.)