By Samson Adeyanju

India’s startup sector will grow faster when the government reduces regulatory barriers, Minister of Commerce and Industry Piyush Goyal said on Thursday at the Economic Times Startup Awards (ETSA), 2025 held in Bengaluru.

Citing the success of the software industry, Goyal stressed that minimal government interference fosters innovation and rapid expansion.

“India’s startup ecosystem thrives when the government steps back,” he said, adding that the country must rely less on foreign venture capital and develop “its own pool of patient capital” from domestic savings.

Goyal revealed that India is in advanced stages of trade negotiations with both the European Union and the United States, with progress expected during the EU Trade Commissioner’s visit in late November.

“Talks are advancing, recognising mutual sensitivities and strengths,” he noted.

The glittering awards ceremony celebrated leading innovators and entrepreneurs across India’s booming startup space.

Winners included Urban Company (Startup of the Year), Chakr Innovation (Social Enterprise), Minfy Technologies (Bootstrap Champ), Qure.ai (Top Innovator), Nawgati (Best on Campus), Capillary Technologies (Comeback Kid), and Prukalpa Sankar (Woman Ahead).

Lenskart CEO Peyush Bansal addressed criticism surrounding his company’s upcoming ₹7,300 crore IPO, saying feedback even negative is part of growth. “Criticism can be a good thing; it helps refine ideas,” Bansal said.

Urban Company CEO Abhiraj Singh Bhal emphasized profitability as the foundation for innovation and long-term success, while Rapido’s Aravind Sanka rejected the idea of a food delivery duopoly, noting that Rapido’s lean structure and logistics base position it for expansion with its new app, Ownly.

The 2025 edition of ET Startup Awards highlighted India’s evolving entrepreneurial spirit, marked by resilience, creativity, and a growing focus on sustainable profitability.