India should aim for one startup per 1,000 people like Israel: Piyush Goyal

Union Minister Piyush Goyal said India should aim for one startup per 1,000 people, drawing inspiration from Israel’s success in fostering innovation.

Speaking at the session Bharat @100: Fuelling Bharat’s Global Rise organized by ASSOCHAM in Delhi, Goyal emphasized the need to encourage entrepreneurship among the youth to achieve this ambitious goal.

The minister noted that Israel, despite being a small country, has prioritized innovation, resulting in one startup for every 1,000 people.

“Two days back I met the Israeli Trade Minister, what attracted me was that despite being a small country, their focus on innovation has helped them in good stead. And he was proudly saying that they have one startup for every 1000 people in the country. It’s not a very difficult journey to cross. Somebody comes up with a brighter and better idea how to do things” Goyal said, adding that fostering an entrepreneurial spirit could transform India into a global hub of innovation and problem-solving.

He urged ASSOCHAM to focus on promoting entrepreneurship to instil the entrepreneurial bug in our young population and shift their mind-set from job-seeking to addressing challenges through innovation.

Goyal stated “So maybe one of the focus areas could also be, how do we get the entrepreneurial bug in our young men and women and get them out of the job seeking more into becoming bolder and willing to address the challenges of the country”.

Highlighting government efforts to support businesses, Goyal referred to recent steps taken to simplify processes, reduce compliance burdens, and decriminalize laws.

He mentioned a new bill replacing the 1923 Boilers Act, which aims to modernize and simplify regulations, as part of this ongoing effort to make it easier to do business in India.

Goyal also reflected on the broader vision for India’s development. He referenced the Panch Pran or five pledges, which include the collective aspiration of 1.4 billion people to make India a developed nation by 2047. Shedding the colonial mind set, he said, is critical to achieving this vision.

He said “India as a developed country by 2047 being the collective vision of 1.4 billion people, needs one common understanding, and that is to shed the colonial mind-set that we have inhaled”.

The minister also emphasized that efforts to improve ease of doing business not only benefit micro, small, and medium enterprises (MSMEs) but also enhance the ease of living for all citizens.

“All of these will be enablers, which will help not only the MSMEs, but all of us. and end of the day, as we do steps towards ease of doing business. Those steps automatically lead to ease of living for all of us,” Goyal concluded.