Union Minister of State for Science and Technology, Dr. Jitendra Singh, has emphatically stated that startups are the primary drivers of India's economic growth and development. He made these remarks during a high-level review meeting focused on the Department for Promotion of Industry and Internal Trade (DPIIT) in New Delhi.
Startup India Initiative: A Resounding Success
The minister highlighted the monumental success of the Startup India initiative, launched by Prime Minister Narendra Modi in 2016. He revealed that the number of officially recognized startups in the country has skyrocketed from a mere few hundred before 2014 to an impressive over 1.25 lakh today. These startups have collectively generated more than 12 lakh jobs, showcasing their significant role as employment creators.
Furthermore, Dr. Singh pointed to the rise of Indian unicorns—privately held startups valued at over $1 billion. From just a handful a decade ago, India now boasts 110 unicorns, with 45 emerging in 2021 alone. This surge, he noted, is a clear indicator of the vibrant and innovative entrepreneurial ecosystem flourishing in the country.
Government Policies Fueling the Ecosystem
Dr. Jitendra Singh credited this explosive growth to a series of proactive and supportive policies implemented by the government. He emphasized that the administration has consistently worked to remove bureaucratic hurdles and create a more conducive environment for young innovators and entrepreneurs.
"The government's approach has been to act as a facilitator rather than a regulator," the minister stated. Key measures include simplified compliance regimes, tax exemptions, and easier access to funding. The goal is to empower India's youthful demographic, allowing them to translate their ideas into viable businesses without being stifled by red tape.
Vision for the Future: Sustainable and Inclusive Growth
Looking ahead, the minister outlined a forward-thinking vision where startups will be crucial in solving national and global challenges. He stressed the importance of fostering innovation in cutting-edge fields like artificial intelligence, blockchain, drones, and space technology.
The government envisions startups playing a pivotal role in achieving sustainable development goals and ensuring inclusive growth that reaches every corner of the nation. The focus is on building a self-reliant (Atmanirbhar) India where homegrown solutions address local and international market needs.
Dr. Singh concluded by reaffirming the government's unwavering commitment to nurturing the startup culture. He expressed confidence that with continued support, Indian startups would not only propel the domestic economy but also establish the country as a global leader in innovation and technology in the coming years.
