Commerce and Industry Minister Piyush Goyal informed that, a three-day "Startup Mahakumbh" will be organised from March 18 here at Bharat Mandapam.

Previously, in January, addressing the startup awards, Goyal had announced to organise this event. He said to the reporters, "It will be the largest get-together of start-ups, unicorns, soonicorns, all under one roof showcasing the India story, story of our youth, talent, technology, and innovation."

He also mentioned that, India is the third largest startup ecosystem of the globe "let's show it to the world". And so far over 1.17 lakh startups are recognised by the ministry.

The government has taken various measures to promote startups in the country. These eligible start-ups can avail of tax incentives such as income tax benefits under an Action Plan for Start-up India. The government on Thursday proposed to extend the tax incentive for start-ups and investments made by sovereign wealth or pension funds for one more year till March 2025.

Addressing the Start-up Awards and State Ranking Awards ceremony, Goyal said that, start-ups are playing an important role in India's journey towards becoming a developed nation by 2047. 

He emphasized that, various sectors ranging from medtech, fintech, agritech to the aviation sector, drones, and simulators in which startups are making significant contributions. He demonstrated that, as an area with untapped potential and encouraged startups to explore ideas around sustainable tourism. 

Goyal inspired the startups and invites the talented entrepreneurs to collaborate to take advantage of the huge consumer market and transition from emerging to developed start-up ecosystems.