Talking to IANS at the 'Viksit Bharat Startup Mahakumbh 2024' event, Jain said that Prime Minister Narendra Modi has envisioned that by 2047, the country will become a developed nation and startups are the key to the economy.

"In 2014, there were only 350 startups and today, the country has a rich and vibrant ecosystem of more than 1.25 lakh startups across the spectrum. In the next five years, we will have at least 10-15 lakh startups," he emphasised.

According to Jain, thousands of innovators, entrepreneurs and investors who have come to the 'Startup Mahakumbh 2024’ "believe in the idea of Viksit Bharat and see a bright future".

Jain further said that the government has created a comprehensive and conducive startup policy with ease of doing business, along with making easy and friendly laws so that young entrepreneurs can do business with ease.

The event, being organised at Bharat Mandapam in the national capital from March 18-20, aims to catalyse innovation, facilitate networking, and foster growth opportunities for startups, investors, incubators, accelerators and industry leaders across sectors. Over 1,000 startups, more than 1,000 investors, 5,000 future entrepreneurs and 40,000 business visitors are participating in 'Startup Mahakumbh'.

One of the participants told IANS that 'Startup Mahakumbh' is raising awareness among entrepreneurs about the ecosystem and helping to expand their industry networks. "The Modi government is promoting the growing startup ecosystem in India," another participant commented.