Ten years ago, when Prime Minister Narendra Modi launched the Startup India initiative, the contribution of (largely unorganised) startups to the country’s GDP was a mere fraction.

As the government completes a decade of support, India’s startup ecosystem has evolved from just four privately held companies valued above $1 billion in 2014 to over 120 such firms today, with a combined valuation exceeding $350 billion, according to government data. With startup valuations of $350 billion compared to India’s $4.2 trillion GDP, this translates into a valuation-to-GDP ratio of approximately 8.3%.

In a panel discussion marking the 10th anniversary of the initiative, Union Minister Piyush Goyal termed it a “decade of self-confidence.” He noted a massive cultural shift among Indian youth: a transition from a “fear of failure” to a “culture of job creation.”

“Today, youth are willing to experiment with the unknown. There is a trust between the government and entrepreneurs,” Goyal said. When asked what he would start today, the minister identified tourism and skill development as his top choices, citing OYO’s success in Kashmir and Kevadia as templates for using technology to empower local communities.

The discussion, moderated by boAt’s Aman Gupta, featured OYO’s Ritesh Agarwal and Minimalist’s Mohit Yadav. Gupta noted that the biggest shift for him was personal: founders now have a “seat at the table.” “Nikhil Kamath went to the US, I went to France. We are finally getting that space,” Gupta remarked, highlighting the global recognition of Indian entrepreneurs.

From ‘last benchers’ to global talent

Ritesh Agarwal, who recalled being a “last bencher” at the very first Startup India event in 2016, noted that the social status of entrepreneurs has completely flipped. “Earlier, entrepreneurship was seen as ‘wrong company.’ Today, being a founder is one of the top profiles on matrimonial sites,” he said. Agarwal also stressed that top talent from Harvard and Stanford now increasingly prefers returning to India to build startups over joining traditional MNCs.

Mohit Yadav, who built a ₹3,000 crore brand in just four years, spoke about the “knowledge parity” now seen across India. He recalled that in 2020, investors doubted whether a ₹100 crore brand could be built purely online. “Today, the question isn’t if you can do it, but how many years it will take to reach ₹1,000 crore,” Yadav said, noting that 25% of his business now comes from exports.

Relentless energy

Reflecting on the government’s role, Aman Gupta shared an anecdote about the Prime Minister’s relentless energy during a state visit to France. “I was working from 7 AM to midnight and had to take melatonin to sleep. When I woke up late the next day, the PM was already in the UAE meeting people,” Gupta said. He noted that this same high-octane energy now flows through the entire startup ecosystem, where even 13-year-old founders are pitching AI startups and securing funding.

Startup India’s 10-year journey has played a major role in fundamentally shifting India’s youth—from a mindset of seeking stability to one of embracing risk. While the initial years were about building the foundation and basic digital infrastructure, the current phase is defined by rapid scale and global ambition. As the ecosystem matures, the focus is clearly moving toward deep-tech innovation and sustainable profitability, ensuring that startups remain a permanent and significant pillar of India’s economic future.