Piyush Goyal explains how startups will power Indias growth

At a time when the economy is going through a tough phase, growth of startups can be the driving force, believes Commerce and Industry Minister Piyush Goyal. In a statement released on Tuesday, he said that India has emerged as the startup capital of the world with the highest number of registered startups and applauded the decision of the oil PSUs, under the Petroleum Ministry, to set up a startup fund to encourage Indians to innovate and set up their own companies.

Goyal further said that India will soon become the innovation capital of the world and informed that during his interactions with young innovators, even in the remote parts of the country, youngsters are coming forward with bright ideas to solve a number of economic and social problems that prevail in India today.

He said that he is extremely proud of the young girls and boys who are the driving force behind the startup revolution taking place in the country.  Goyal added that he was not worried about the state of the world at this time of trade wars as these were issues waiting to be addressed. He further added that countries of the world cannot develop when few countries are giving subsidies and nurturing an eco system of unfair trade and competition among industries. It is the need of the hour to have a more balanced development across the world and distributed sources of wealth creation, said Piyush Goyal.

The minister said that there is a need for free trade but there is a greater need for fair trade, as this will work in the interests of all countries and India supports the new dynamics of world trade. He further said that multilateralism will prevail and India supports all fair and honest global efforts to do away with all unfair trade practices. He further informed that India will continue to support those countries that are struggling to get manufacturing back to their own countries and hoped that the existing system of prosperous countries outsourcing their pollution and emission to the developing world, in the garb of creating jobs but in reality ruining the health of the population and destroying the future prosperity of the citizens by outsourcing problems to developing countries, must stop immediately.