The MoU was signed during the official visit of Singapore President Tharman Shanmugaratnam to Odisha, coinciding with the celebration of the 60th anniversary of diplomatic relations between India and Singapore. The initiative is poised to accelerate the development of Odisha’s digital economy, aligning with India’s vision of “Insurance for All” by 2047.

Chief Minister of Odisha, Mohan Charan Majhi, expressed the state’s ambition to harness GFTN’s global expertise to drive tailored FinTech solutions. He emphasized that Odisha has already made strides in becoming a leader in India’s IT sector and now aims to expand its services sector through the promotion of innovation, startup ecosystems, and collaborations with academia and industry. These efforts are geared toward making Odisha a hub for FinTech advancements.

“Through this partnership with GFTN, Odisha will not only promote financial inclusion but will also push the boundaries of technological innovation in InsureTech,” said CM Majhi. “The creation of incubation centres and global collaborations will enable us to foster a thriving FinTech ecosystem.”

Sopnendu Mohanty, CEO Designate of GFTN, highlighted the alignment of the partnership with India’s Viksit Bharat 2047 vision, which focuses on financial inclusion and sustainable economic empowerment. By leveraging Odisha’s entrepreneurial potential and talent, the hub will become a catalyst for the state’s digital transformation.

The MoU further supports India’s broader goal of ensuring that every citizen is covered by life, health, and property insurance by 2047. Odisha, with its evolving regulatory framework, is taking proactive steps to mainstream technology and innovation to achieve financial inclusivity.

In a statement, Vishal Dev, Principal Secretary of Electronics & IT, Odisha, pointed out the state’s immense potential and its commitment to becoming one of India’s leading FinTech hubs. The government’s generous policy incentives, coupled with the state’s skilled workforce, make Odisha an ideal destination for FinTech innovation.

“Financial inclusivity is at the heart of Odisha’s developmental agenda,” said Saswata Mishra, Principal Secretary of Finance, Odisha. “A strong FinTech ecosystem will be instrumental in achieving this vision.”

The signing of the MoU was part of a broader series of engagements between Odisha and Singapore. In the presence of Singapore’s President, Odisha exchanged a total of eight MoUs with various Singaporean entities to strengthen collaboration in diverse sectors, including skill development, renewable energy, semiconductors, and data centers.

Earlier in the day, President Tharman visited the World Skill Center in Bhubaneswar, where he was welcomed by CM Majhi and received a detailed briefing on Odisha’s initiatives and opportunities for collaboration with Singapore. The President also toured the Vertical Transportation Lab and Travelator Lab, interacting with students and instructors, underscoring the growing partnership between the two regions.

With these agreements in place, Odisha is well on its way to becoming a central hub for FinTech innovation, contributing to India’s broader financial inclusion goals while fostering sustainable economic growth.

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During his address at the event, Minister Goyal acknowledged the transformative role played by funding instruments such as the Fund of Funds for Startups (FFS) administered by the Small Industries Development Bank of India (SIDBI) and supported by the Government of India. These financial structures have been pivotal in supporting India’s entrepreneurial ecosystem.

“We must attribute the success of the Startup India mission to the instrumental funding avenues such as FFS, which have been critical in fueling the growth of startups in India,” said Goyal, highlighting the immense progress the country has made in nurturing innovation and entrepreneurship.

The event celebrated the resilience of India’s entrepreneurs, emphasizing how their efforts have not only reshaped India’s innovation landscape but also elevated the country’s global standing. “Today, India is home to 1,59,157 startups, and we have witnessed an increase from around 500 startups in 2016,” Goyal said. “In 2024 alone, India saw 76 Initial Public Offerings (IPOs), and our startup ecosystem has generated over 17 lakh direct jobs,” he added.

Further acknowledging the collaborative spirit between private equity (PE) and venture capital (VC) firms, Goyal emphasized their crucial role in accelerating the journey of startups. Through this partnership, Indian startups have gained access to funding, global networks, and expertise, which have helped them scale and compete on the international stage.

Empowering Startups: A Vision for the Future

The Minister also underlined the significant economic and social impact of startups, stating that they are much more than just businesses. They are catalysts for change, addressing some of the most pressing challenges in areas such as sustainability, renewable energy, healthcare, and digital transformation.

“As India moves into the Amrit Kaal, the next 25 years will be a defining period. Startups will play a pivotal role in realizing the vision of a self-reliant, inclusive, and globally competitive India,” Goyal affirmed. “The government remains committed to providing necessary support, from policy initiatives and infrastructure to capital access, ensuring the success of our startups.”

A key highlight of Goyal’s speech was his recognition of women’s contributions to India’s growing startup ecosystem. He shared that 43% of STEM graduates in India are women, a testament to the role women are playing in driving India’s growth. He also emphasized the government’s efforts to support women-led startups through platforms such as the Women Entrepreneurship Platform.

Launch of PRABHAAV Factbook and Bharat Startup Challenge

At the event, the Department for Promotion of Industry and Internal Trade (DPIIT) launched the PRABHAAV Factbook. This comprehensive guide to India’s thriving startup ecosystem, titled Powering a Resilient and Agile Bharat for the Advancement of Visionary Startups, highlights the progress and achievements of India’s startup sector between 2016 and 2024. It sheds light on the regional contributions and showcases the growth trajectory of India’s entrepreneurial spirit.

The Bharat Startup Challenge was also unveiled, aiming to foster innovation by inviting solutions to 75 sectoral challenges. These challenges will span across diverse fields, including renewable energy, blockchain, agritech, semiconductors, and social commerce. With support from 20 industry leaders and innovators, the challenge will offer startups procurement opportunities, cash prizes, mentorship, funding, networking, and capacity-building avenues.

Key Figures and Future Prospects

Minister of State for Commerce & Industry, Jitin Prasada, and several key dignitaries including Amardeep Bhatia (Secretary, DPIIT), Arti Bhatnagar (Additional Secretary, DPIIT), and industry leaders such as Prashant Prakash (Founding Partner, Accel), Sanjeev Bikhchandani (Founder, Info Edge India), and others graced the occasion.

Looking ahead, the Minister shared that India’s growing startup ecosystem would continue to thrive through initiatives like the Bharat Startup Challenge, which will provide new avenues for innovation and business growth. Goyal also noted the significant role of the second edition of Startup Mahakumbh, where startups from across the nation will converge to share ideas, collaborate, and showcase their innovations.

Conclusion

As India celebrates the achievements of its startup ecosystem on the 9th Foundation Day of Startup India, Minister Piyush Goyal reaffirmed the government’s unwavering commitment to fostering an environment that encourages entrepreneurship, innovation, and growth. With increased access to funding, mentorship, and global networks, Indian startups are well-positioned to compete on the world stage and drive the nation toward a prosperous and self-reliant future.

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This event aims to foster collaboration among various stakeholders and steer the future growth of India’s innovation landscape, as highlighted in the official release. The goal is to offer a platform for dialogue that will help shape the trajectory of India’s burgeoning startup ecosystem.

Startup Baithak is designed as a series of 12 exclusive, closed-door roundtable sessions that will be held over the two-day period. These discussions will bring together leading startups such as Swiggy, Zerodha, Razorpay, CRED, Pine Labs, Groww, OYO, Practo, Dream11, MPL, CarDekho, Acko, Ixigo, MobiKwik, One Card, ProgCap, Digantara, BharatPe, Physics Wallah, and Jupiter, among others. The primary objective of these sessions is to bridge the gap between India’s next-generation innovators and policymakers, fostering a mutual understanding of the opportunities and challenges facing the startup ecosystem.

The event will be hosted in the prestigious G20 Summit Room at Bharat Mandapam, where participants will engage in discussions to address emerging challenges, explore innovative solutions, and align strategies to accelerate the growth of India’s startup sector.

Sanjiv, Joint Secretary of Startup India-DPIIT, expressed his thoughts on the occasion, saying, “India’s startup ecosystem is a driving force of innovation and economic growth, and National Startup Day serves as a recognition of the entrepreneurial spirit that shapes our nation’s future. With initiatives like ‘Startup Baithak’ and ‘Startup Baatcheet,’ we aim to create meaningful dialogues between startups, policymakers, and investors, enabling the development of solutions for today’s challenges. We are committed to empowering startups to scale globally and contribute to India’s position as a global innovation hub.”

Shweta Rajpal Kohli, President and CEO of SPF, added, “India’s startup ecosystem is not only thriving—it’s leading the way in redefining global innovation. Through ‘Startup Baithak’ and ‘Startup Baatcheet,’ we’re not just marking National Startup Day; we are shaping the future dialogue and vision for India’s startup sector in 2025 and beyond. As we celebrate this special day, our aim is to inspire, connect, and empower the next generation of changemakers to make a lasting impact, in alignment with Prime Minister Narendra Modi’s vision for India’s startup ecosystem.”

In addition to the roundtable sessions, SPF will also host Startup Baatcheet on January 15, 2025—an informal networking evening. This gathering will bring together founders, investors, ecosystem enablers, policymakers, and lawmakers to discuss the startup outlook for 2025. It will serve as a platform to strengthen ties within the entrepreneurial ecosystem and create a conducive environment for collaboration and growth.

The National Startup Day 2025 celebrations are set to be a landmark occasion, marking a significant step in furthering India’s global standing as a hub for innovation and entrepreneurship.

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Organized by Startup Network Nepal, in collaboration with the Confederation of Nepalese Industries (CNI) and the PHDCCI (India-Nepal Center), the event has attracted experts from various fields. It featured a series of keynote speeches, panel discussions, startup pitching sessions, and networking opportunities designed to empower entrepreneurs with the resources, knowledge, and connections needed to scale their ventures.

Kamlesh Jain, Co-Chair of India-Nepal Center at PHDCCI, spoke about the significant role startups play in addressing challenges faced by Nepal, such as unemployment, dependence on foreign aid, and a trade deficit. He emphasized that startups could create jobs, generate revenue, and diversify Nepal’s economy. “For individuals, it pursues innovative ideas and launches businesses, which contribute to GDP growth and help reduce our reliance on traditional industries and agriculture,” Jain remarked.

The summit’s primary goal is to bridge the gap between local startups and international investors, helping attract significant investment into Nepal’s growing startup scene. Startup Network Nepal has been instrumental in connecting emerging entrepreneurs with investors, mentors, and other valuable resources. This support is vital for Nepal’s entrepreneurs as they seek to build the next generation of businesses and innovations.

Suman Shekhar, First Secretary – Commerce at the Indian Embassy in Kathmandu, also highlighted Nepal’s young population as a key driver for its economic transformation. “Nepal is a country of about 30 million people, with a median age of less than 25, even younger than India. Nepal’s dream to transform economically will be anchored in its youth and entrepreneurship. Kathmandu could become the startup capital of the Himalayas,” he said, pointing to the rising prominence of Nepal’s startup culture.

The Startup Network, through its comprehensive incubation program, is already making strides in Nepal’s entrepreneurial ecosystem. The bi-monthly initiative supports startups from their earliest ideas to building a compelling pitch deck. Entrepreneurs benefit from personalized mentorship provided by successful startup founders and experienced mentors, guiding them through the critical stages of idea validation, business model development, and market strategies.

Additionally, the Startup Network is in the process of launching a venture fund to further support the growth of promising startups. This fund will provide crucial financial backing to help startups scale and thrive in competitive markets.

Manjeev Singh Puri, Chairman of India-Nepal Center, PHDCCI, and former Indian Ambassador to Nepal, spoke during the inaugural session, stressing the complementary relationship between India and Nepal’s startup ecosystems. He encouraged attendees to leverage networks and partnerships to expand their global reach. “As you grow these startup ecosystems in Nepal, remember that India has become the third-largest startup ecosystem in the world, and there is great potential for collaboration,” Puri stated.

The India-Nepal Startup Summit 2024 served as an important launchpad for Nepal’s entrepreneurial ambitions. By showcasing the country’s vibrant startup spirit to a global audience, the summit positioned Nepal as a key player in the international startup ecosystem.

Entrepreneurs, investors, and industry leaders attending the event are excited to explore the future of innovation in Nepal, forge meaningful connections, and drive the next wave of entrepreneurial success both within Nepal and beyond its borders.

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According to Somanath, while India is already recognized as a global space power, its current share of the global space business is just 2%, valued at $386 billion. However, he expressed optimism, stating that India aims to increase its share to $500 billion by 2030 and reach $1.5 trillion by 2047.

He highlighted that India’s expertise in space technology, combined with the growing number of satellite manufacturing companies, positions the nation to potentially launch at least 500 satellites into space. This ambition aligns with India’s increasing presence in the global space sector.

Somanath’s comments come at a time when India’s space tech sector is gaining significant momentum, supported by government initiatives. These include opening up the space sector to private entities, liberalizing the FDI (Foreign Direct Investment) regime, and launching new space programs to promote startups.

As a result, the Indian space tech industry has seen the emergence of over 150 startups in recent years. Notable names such as Pixxel, Agnikul, and Skyroot are making waves in the industry, and the sector is projected to reach a market size of $77 billion by 2030, according to data from Inc42.

Investors are increasingly taking interest in the space sector, driven by its focus on research and innovation. Recently, spacetech startup GalaxEye raised $10 million in its Series A funding round from MountTech Growth Fund, Mela Ventures, Speciale Invest, iDeaForge, Smarthya Investment Advisors, and Infosys.

In October, another spacetech startup, XDLINX Space Labs, raised $7 million in its seed funding round, led by investor Ashish Kacholia, with additional participation from E2MC, Mana Ventures, and a family office.

As India’s space industry continues to expand, the role of startups in fostering innovation and contributing to the country’s space ambitions has never been more important.

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