Easy money never helps startups find success, says Piyush Goyal

Capital will not determine the success or failure of any startup, and easy money never helps, said Union minister for commerce and industry Piyush Goyal at the Economic Times Startup Awards 2022 held in Bengaluru on Saturday.

"A tight-fisted tough time is always good for a startup to come up with innovative ideas with better thought processes and affordable solutions to our day-to-day problems. While international companies are talking about layoffs, Indian startups are offering to hire them. In these tough times the world is facing, there are opportunities we should not miss," Goyal said.

He added that though China had a head start, India is catching up faster than other economies. "The government is looking at $2-trillion worth of exports of services and goods by 2030, and by 2047 it should touch $6-7 trillion," he said.