New Wave Of Startups Is Testimony To Youth's Entrepreneurial Temperament: Vaishnaw

We are now a USD 3.5 trillion economy and are in an effective change in the system towards the transformation of a 5 trillion economy," he says

The new wave of startups in India is a testimony to the entrepreneurial temperament of the youth, in recent times, said the union IT minister, Ashwini Vaishnaw on Thursday. 

While speaking at an event organised by PHD Chamber of Commerce and Industry, Vaishnaw said that nobody can stop the inert strength and power of tech innovation. 

He also praised the industry for synergizing its efforts with the Centre and stakeholders for a common objective for upscaling the economy of India. 

Vaishnaw emphasised the further need to transform and talked about the importance of a methodical, process-driven, and thoughtful approach to aid the success of the ecosystem.  

"We are now a USD 3.5 trillion economy and are in an effective change in the system towards the transformation of a 5 trillion economy," he added. 

The minister also aspires to see India as a fully developed futuristic, empowered, advanced technology that can be achieved through profound collaboration between the government, industry stakeholders and India’s youth. 

"India aspires to reach the goal of constituting 25 per cent of the World’s total GDP, a share which India possessed at the start of the British colonisation in India during the 17 century when our country's GDP stood between 25 to 35 per cent of the world’s total GDP," he stated. 

He mentioned how 10 years back, we used to import 99 per cent of mobile phones and now 99 per cent are made in India. 

Citing Wall Street Journal's published report, Vaishnaw informed that the 6G rollout in India is the world’s fastest.  

He added that we started in October last year and ahead of the deadline of 31 March 2023, we have rolled out 397, which is many times beyond the target we had set for ourselves. He further added, “Besides the complexities, we have achieved 100 patents so far.”

Vande Bharat is a unique period in a journey embarked by India to becoming a transformed, powerful, manufacturing hub and globally respected economy shortly, since the last 75 years, he added. 

Meanwhile, Saket Dalmia, President, PHDCCI said that the Indian government's initiatives like Startup India, Atal Innovation Mission, Fund of Funds by SIDBI and Tax benefits for startups have played a pivotal role in creating a conducive environment for Startups to flourish.

"These schemes have boosted investor confidence and revived the Startup ecosystem, leading to over 93,000 recognised startups across 656 districts of the country," added Dalmia.

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