Commerce and Industry minister Piyush Goyal today said that Open Network for Digital Commerce would democratize e-commerce and will protect small businesses by granting them equal opportunity.

Addressing the fifth edition of the Entrepreneurship Summit virtually, the Minister said that laboratories, mentorship, incubators, and funding are the four essential elements for a healthy startup ecosystem.  The Minister applauded BITS Pilani institution as it had carved a name in the world of innovation.
 
Mr. Goyal applauded the flexible academic structure of BITS that aided innovation during the college years of the students and said that it resonated in large measure with the new education policy that the Government has introduced after extensive consultations.  
 
Reiterating that an idea can change your life, the Minister spoke of the USB innovator Ajay Bhatt from Vadodara who developed the technology with the goal of making data portable like never before.

Stating that new India is filled with new energy, enthusiasm, and confidence, the Minister said that it no longer seeks incremental change but thirsts for transformations.
 
The minister listed several steps taken by Government in its role as the facilitator to strengthen the startup ecosystem such as Fund of Funds for Startups, Income Tax exemption for three years, Seed Fund Scheme, and cutting down of examination period for new trademark registrations .
 
He expressed confidence that the startups of today would be the leaders of tomorrow and asked young entrepreneurs to help this country attain higher levels of prosperity.