On January 16, 2025, Union Minister of Commerce and Industry Piyush Goyal launched the Bharat Startup Grand Challenge, a significant initiative aimed at propelling India’s entrepreneurial ecosystem to new heights. Celebrated as part of National Startup Day, the event in New Delhi brought together policymakers, innovators, and industry leaders to reflect on nine transformative years of the Startup India mission.
The Bharat Startup Grand Challenge, launched in collaboration with 20 major corporations, introduces 75 sector-specific challenges, ranging from renewable energy and blockchain to agritech, social commerce, and more. Startups participating in the challenge will have access to procurement opportunities, along with cash prizes, funding, mentorship, networking, and capacity-building resources.
Speaking at the event, Goyal highlighted the role of government initiatives like the Fund of Funds for Startups (FFS), which has empowered startups in Tier II and III cities to scale their operations and significantly contribute to the nation’s economy.
Acknowledging the critical role of private equity and venture capital in the growth of startups, Goyal credited these partnerships for bringing global expertise and enabling Indian startups to compete internationally. He emphasized that the BHASKAR platform is helping connect startups with mentors, financial instruments, and collaborative opportunities nationwide.
The government also shared data insights on India’s emergence as a global startup hub, highlighting key milestones such as 76 IPOs in 2024 and the growth from 500 startups in 2016 to 1,59,157 by January 2025, which has created 17.2 lakh direct jobs. With over Rs 13 trillion in funding and advancements in technologies like AI, big data, and blockchain, Goyal reaffirmed the government’s commitment to supporting and strengthening the startup ecosystem.
The Minister also highlighted India’s unique demographic advantage, including producing the largest number of STEM graduates globally, with 43% being women. Initiatives like the Women Entrepreneurship Platform aim to empower women-led startups and ensure equitable access to resources.
The event served as a curtain raiser for the second edition of Startup Mahakumbh, which is scheduled for April. At this gathering, 2,500 startups will come together to showcase India's entrepreneurial spirit. Additionally, the launch of the PRABHAAV Factbook documented India’s startup journey from 2016 to 2024, spotlighting achievements across regions.
India’s thriving startup ecosystem, marked by over 100 unicorns, is leveraging cutting-edge technologies to address pressing global and local challenges. From disrupting traditional agriculture with agritech innovations to driving advancements in AI and IoT, Indian startups are at the forefront of a global transformation.
Goyal expressed confidence in the role of startups in realizing India’s vision of becoming a self-reliant and inclusive economy during the Amrit Kaal, the next 25 years of national progress.
