Science & Tech Minister says India emerging as preferred destination for startups
Acting as the chief guest for the IndiaFirst Tech Startup Conclave 2022, Dr Jitendra Singh, Union Minister for Science & Technology, claimed that India is becoming a preferred destination for startups due to its vast unexplored potential, and the ease of business and regulatory environment provided by Prime Minister Narendra Modi and the current government.
He claimed that groundwork laid from 2016 onwards, from PM Modi's announcement of the Startup Initiative from the Red Fort to the countless visionary initiatives, such as Startup India, had all played a role in contributing to the current environment.
Due to this new supportive ecosystem, Dr Singh said that 10,000 startups were registered in 2021 alone, and that currently there were over 50,000 startups in India today, providing more than 2 lakh jobs.
He claimed that continuing growth in investment in a variety of tech startups in sectors including state services, healthcare, agriculture, financial services, education, retail, and logistics can help generate a huge number of jobs in the future.
Dr Singh said that the new Budget for 2022-23 was a "futuristic Budget with scientific vision and startup incentives." New initiatives like the Digital Rupee, digital banking units in 75 districts, and Digital University, alongside startups linked to artificial intelligence, space technology, and Drone Shakti are examples of advancements the government wants to support.
However, Dr Singh also pointed out that Indian startups are today concentrated in big cities like Bengaluru and Hyderabad. He said that startup culture must be promoted in other towns, and added that he was pleased to see the growth of startup ecosystems in cities like Jaipur, Chandigarh, and Jodhpur.
Saying no government in the world can provide salaried jobs to every citizen, he added that the Indian government is providing a platform for the creating and sharing of innovative ideas, alongside an incubator to mentor and support entrepreneurs.
The government is even willing to provide support for domestic manufacturing, industry-led support and the creation of a skilled workforce to achieve growth. Dr Singh believes that startups in the country could play a vital role in contributing towards India becoming a $5 trillion economy by 2025.