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Union Minister of Commerce and Industry Piyush Goyal and Shradha Sharma, Founder and CEO of YourStory at the launch of The Bharat Project
Union Minister of Commerce and Industry Piyush Goyal called for greater ambition among Indian entrepreneurs while acknowledging that innovation can emerge from anywhere in the country, including smaller cities and rural areas, at the launch of ‘The Bharat Project’ in Mumbai on Friday.
The nationwide initiative by YourStory aims to empower 10 lakh entrepreneurs from Tier 2, Tier 3, and rural India through education, storytelling, and access to capital.
“Everybody need not do everything,” Goyal said in response to concerns about expectations for deep-tech innovation from smaller cities. “Every place will have its own USP. Every section of students or children may have their own knowledge and capabilities.”
The minister emphasised that talent exists everywhere, citing examples of prominent Indian innovators who emerged from humble beginnings. “Abdul Kalamji came from a small village. We have prodigy children, tremendously competent, capable kids everywhere.”
Goyal shared a personal experience discovering high-tech entrepreneurship in unexpected places. “I was in Patan, during the last Gujarati election… I found an entrepreneur who had started a very high-tech company and had probably some 300 people working for him. I couldn’t, for the life of me, believe it.”
The minister’s comments follow his earlier statements at the Startup Mahakumbh in New Delhi that sparked debate when he urged Indian startups to focus more on technological innovation rather than consumer-focused businesses like food delivery and lifestyle products.
During the Mumbai event, Goyal highlighted the government’s initiatives to support entrepreneurship at various levels, including the Mudra Yojana loan scheme. “More than 50 crores of Mudra loans have had beneficiaries. And 20 lakh crore loans have been given,” he said, noting that entrepreneurs can now receive up to 20 lakhs without collateral.
He also discussed the PM Swanidhi Yojana for street vendors, which has helped hawkers establish credit histories and escape from high-interest informal lending. “If you go to any hawker today, QR code is also there, you can pay digitally. Their credit history is made. First 10,000, then 50,000, then 1 lakh, their loans also increase, because of which they are out of the clutches of moneylenders.”
During the event, Goyal announced the second launch of the Startup Fund, specifically designed to support deep-tech startups.
The minister also addressed the challenges faced by incubators. “Our incubators are doing a fab job, but we want them to do an even better job. That’s why I said, we have to aspire for greatness.”
Shradha Sharma, Founder and CEO of YourStory, praised Goyal’s message of raising standards for Indian entrepreneurs, saying, “What you said is to raise our bar. If we are not less than anyone, why should we think less?”
The Bharat Project will leverage technology to empower grassroots entrepreneurship through an AI-powered mobile-first platform offering mentorship in both Hindi and English. The initiative includes WhatsApp-based learning programs and will organise Bharat Ideathon, a nationwide challenge to discover promising business ideas from over 1,000 districts. Selected entrepreneurs will gain investor access through BharatSparks, a national launchpad designed to connect Tier II and III founders with funding opportunities and support networks. The project also plans to release “Shuru-kar,” a seven-part documentary showcasing startup stories from across India.
Published on April 19, 2025
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