Piyush Goyal proposes indigenous Silicon Valley to promote startup ecosystem
Piyush Goyal, the Minister of Commerce and Industry, has called for an indigenous Silicon Valley, a dedicated township for startups in India, at the launch of Bharat Startup Knowledge Access Registry (Bhaskar). It serves as a central hub for collaboration and exchange of ideas between startups, investors, service providers and government bodies.
Goyal pitched a vision to promote the sector's growth, building the largest digital registry for stakeholders within the startup ecosystem. He proposed a township of 25-500 acres to promote the startup ecosystem and provide guidance and support under one roof.
On India’s position in the Silicon valley, ET reported earlier about one-third of tech employees in Silicon Valley are of Indian origin. It further said that CEOs of Indian origin head 16 Fortune 500 companies generating nearly $1 trillion in revenue.
Goyal reaffirmed India’s potential to drive the startup ecosystem and draw inspiration from the success of American Silicon Valley. Following the progress, ET reported previously, the two Indian companies have attained unicorn status in 2024: fintech software platform, Perfios and Ola-backed generative AI startup Krutrim AI.
He also put forward the plan to tie up with the National Industrial Corridor Development Corporation (NICDC) for creating a township dedicated to entrepreneurs, startups and innovators. Currently, 20 such townships are being developed across India, including in Bihar, Gujarat, and Andhra Pradesh.
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