Bengaluru, bye bye! Piyush Goyal wants a new Silicon Valley for India

Commerce and Industry Minister Piyush Goyal has proposed creating a new township dedicated to startups, aiming to establish a new Silicon Valley in India. The plan involves developing a 500-acre area to support entrepreneurs and innovators, with the National Industrial Corridor Development Corporation overseeing the project.

Bengaluru is considered the Silicon Valley of India, but Commerce and Industry Minister Piyush Goyal wants to create a brand new one.

The minister proposed the creation of a new township dedicated to startups during an event in New Delhi on Monday.

“We should aspire to go beyond. We should aspire to have our own Silicon Valley… I know Bengaluru is the Silicon Valley of India, but it’s time we started thinking about tying up with NICDC and creating a whole new township dedicated to entrepreneurs, startups, innovators, and disruptors,” Goyal said.

The National Industrial Corridor Development Corporation (NICDC) is responsible for implementing the National Industrial Corridor program to develop new industrial cities. The proposed new township would aim to create a concentrated area, providing support to startups and entrepreneurs who may not have existing connections.

Goyal suggested that the new Silicon Valley could be built on a 500-acre area. “Can we create a society, or a whole 200 or 100 or 500-acre area… and see if we can create such an ecosystem where incubators exist… or where someone from a very distant place with an idea but no connections can land… like people once used to go to Mumbai,” the minister said.

He also suggested that a non-profit entity, similar to Invest India, could be created to consolidate initiatives related to startups.

According to the government, India has established itself as one of the largest and most vibrant startup ecosystems globally, with over 1.4 lakh DPIIT-recognized startups as of August 2024. “However, this tremendous growth has also led to the fragmentation of resources and stakeholders,” an official statement said.

The government has launched a portal, BHASKAR, to facilitate better coordination among incubators, policymakers, and other stakeholders.