India must target in top 25 in Global Innovation Index-Piyush Goyal

Union Minister for commerce and industries Piyush Goyal has called upon stakeholders in the innovation ecosystem to take India to the top 25 in the Global Innovation Index. He said, startups are the key reason behind India’s rise in Global Innovation Index from 76 in 2014 to 46 in 2021. Goyal was virtually inaugurating ṭhe first-ever “Startup India Innovation Week ” from New Delhi on Monday. Referring to the proposed Open Network Digital Commerce, ONDC, initiative, he said, this will prove to be a game-changer in the business ecosystem and will help bridge the gap between Corporations and small startups and bring equity among them. It will also help entrepreneurs to save costs as well as build trust.The Minister also urged innovators to focus on improving last-mile service delivery and empowering weavers, artisan, and farmers, and bringing the market to their doorsteps. He said that the 'Startup India' must become a symbol of self-reliance and self-confidence.

He added that from 2018 to 2021, startups created more than six lakh jobs, including more than two lakh In 2021 alone. Goyal said at least 46% of startups had women cofounders, adding that the success of the initial public offerings of many startups showcases their power to become the multinationals of tomorrow. This virtual week-long innovation celebration aims at commemorating the 75th year of India’s independence ‘Azadi Ka Amrit Mahotsav’ and is designed to showcase the spread and depth of entrepreneurship across India. Its primary goal is to bring together the country's key startups, entrepreneurs, investors, incubators, funding entities, banks, policymakers, and other national and international stakeholders to celebrate entrepreneurship and promote innovation.