Startups Will Determine Nation's Future Economy: MoS Jitendra Singh
"The number of Indian startups in a span of 8 years has risen from 300 to 60,000 in figures which is about 20,000 per cent growth. Concept of startup is still new to India so we should work collectively in this direction," Union Minister further added
Startups in India have grown remarkably in the last 6 years and the number of registered startups have increased exponentially. Dr. Jitendra Singh Hon’ble Minister of State (Independent Charge) of the Ministry of Science and Technology said that startups must aim at sustainable ecosystem because startups are going to determine the future economy of India. It is a matter of pride that globally out of every 10 unicorns 1 is Indian.
Number of Indian startups in a span of 8 years have risen from 300 to 60,000 in figures which is about 20,000 per cent growth. Concept of startup is still new to India so we should work collectively in this direction. We should explore sectors like agriculture, dairy and space which has immense potential and exclusive to India added Dr.Jitendra Singh.
The Hon’ble Minister appreciated PHDCCI’s initiative to organise the Conclave to acknowledge the significant contribution of the start ups in India’s growth Story. The Minister also appreciated PHDCCI’s pro activeness in supporting the government in efficient policy making through submission of effective industry representations.
Ms. Anupriya Patel Hon’ble Minister of State for Commerce and Industry, Government of India, highlighted the astonishing growth of the startups in a short span of time. She quoted statement of Mr. Narender Modi Ji that how startups are changing the rules of the game and are on the way to become backbone of the country.
Startups are fueled by innovation and entrepreneurial spirit, spreading across the length and breadth of the nation. More than 50 percent of startups are witnessed in Tier1 and Tier2 cities which are a sign of great success, added Ms Patel
Talking about the growing participation of women in the new Start-Ups, the Hon’ble Minister added that, nearly, 47 percent of startup businesses have women as their director or CEO.Ms. Anupriya Patel, highlighted that Startups are growth drivers in Amritkaal and will help India in the journey of becoming self-reliant.
From 2016 till today, in just a span of 5 – 6 years, India has risen to be the third largest Eco System under the exemplary leadership of Hon’ble Prime Minister. Today we have 70,000/- plus DPIIT recognised Start- Ups from 36 Union Territories and States. The starts up which have risen in these few years have been able to generate an employment figure of 7.47 lakhs; considering short span of time, these numbers have surely changed the Narrative of the Indian society, added Ms Patel.
Mr. Pradeep Multani , President, PHDCCI, in his presidential address mentioned that the start of the Internet boom and India's liberalization aided the rise of Indian IT giants like Infosys, Wipro and Tata Consultancy Services (TCS. By leveraging its strengths in human capital and ICT services, and transitioning to a digital and knowledge-based economy, India is fast becoming a breeding ground for innovation and startups. Knowledge economies use ICT, innovation and research, and higher education and specialized skills to create, disseminate, and apply knowledge for growth, added Mr. Multani. .
Mr. Jeet Vijayvargiya ; CEO, MeitY Startup Hub (MSH), said that startups are engaging in building new realities. We have already made to the third largest startup ecosystem in the world. To further scale it up sector needs funding and handholding for setting up an enabling environment. He appreciated government’s procurement schemes and upcoming programs for holistic development of the sector.
Mr. Vicky Bahl, Partner-Advisory, Grant Thornton Bharat LLP, mentioned that all organizations start with hustle and grow into big conglomerates. This hustle is to make world more efficient. Startups are working in financing, buying, and co creating and improving infrastructure. The aim is to make ecosystem work efficiently and effectively.
Mr. Saket Dalmia, Sr. Vice President, PHDCCI, presented vote of thanks and mentioned that Entrepreneurship is embedded in India’s economy and culture. From the post-independence era with a handful of family controlled industries, until 2021 when India gave 43 unicorns to the world, the Indian start-up ecosystem has gained significant attention, thus making it one of the most coveted global markets.
We at PHD chamber assure our commitment towards the same and look forward to working closely with the Governments, Institutions and all the Stakeholders of the Startup Ecosystem, he said.
Mr. Alok Gupta,Chair, Startup Committee,PHDCCI, gave the industry perspective and enumerated industry-startup connect PHD Chmber is handholding startups and providing enabling ecosystem for startups for their growth trajectory,added, Mr. Gupta.
Dr. Jatinder Singh, Assistant Secretary General, PHDCCI, moderated the session.
A knowledge report prepared by Grant Thornton and PHDCCI titled- The Indian Entrepreneurial Odyssey was released in the startup conclave.
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