Union Commerce and Industry Minister Piyush Goyal on Wednesday highlighted India’s growing startup ecosystem during his Japan visit, noting that the number of startups has risen from around 400–500 a decade ago, when Startup India was launched, to nearly 250,000 today, reflecting a significant shift in mindset.
He said successful companies should be built with a generational vision rather than focusing only on quarterly or annual performance.
“I must learn from all the startups how to be brief and crisp. Politicians can do better without long speeches. Japan, known for precision, high quality, discipline and craftsmanship, has taught the world a very profound lesson. Great companies are not built for a quarter performance or an annual performance, they are built for generations,” Goyal said, according to PTI.
The number of startups in India has increased from around 400–500 a decade ago to nearly 250,000 today, reflecting a significant shift in mindset.
Goyal emphasized that great companies are built for generations, rather than focusing solely on quarterly or annual performance, highlighting a need for sustainable growth.
Goyal aimed to deepen capital flows, strengthen investment ties, and explore long-term partnerships that involve technology and innovation between India and Japan.
India is preparing a framework to ease BIS certification requirements for high-tech companies to support the manufacturing of semiconductors, aiming to attract $50 billion in investments.
GIFT City is envisioned as a gateway for international capital into India, facilitating cross-border investment flows between Japan and India.
He added, "India with the world's third largest startup ecosystem… it's now 10 years since we launched Startup India, thanks to which our Startup numbers have increased dramatically from just about 400-500 10 years ago to nearly 250,000 today… has seen a big change in mindset."
Goyal is on the third day of his Japan visit, during which he has met senior executives from major banking and financial institutions to strengthen India-Japan cooperation in financial services, banking, investment, trade, mobility and industrial sectors.
Goyal met Minoru Kimura, Managing Executive Officer and Head of Global Business at Nippon Life Insurance, and discussed expanding cooperation in the insurance and financial services sectors, citing the growing potential of India’s insurance market.
He also held discussions with Yasushi Itagaki, Deputy Chairman of Mitsubishi UFJ Financial Group (MUFG), and other senior officials on potential collaboration in banking, commercial finance and investment, as per ANI.
The Union Minister also stated he met Yoshihiro Hyakutome, Deputy President Executive Officer at Sumitomo Mitsui Banking Corporation (SMBC) Group, to discuss new avenues for strengthening financial ties between India and Japan, including greater investment and cooperation in the banking sector.
He also held a meeting with Toshimitsu Imai, President and CEO of Toyota Tsusho Corporation.
"Discussed how Toyota Tsusho can further deepen its engagement across trade, mobility and industrial sectors, leveraging India's cost competitiveness and strengthening India's role as a global export hub, especially for emerging markets," he added.
