Prime Minister Narendra Modi named January 16 as ‘National Start-Up Day’ after interacting with over 150 startups on Saturday as part of ‘Azadi ka Amrit Mahotsav’ commemorating 75 years of Indian Independence.
He also termed startups to be the “backbone” of New India and the fuel that will propel the country’s economic growth in the run-up to the 100th anniversary of its independence.
The Prime Minister also urged his countrymen to innovate for and from India in order to address the country’s difficulties, citing actions done by the government to liberate entrepreneurs and innovation from regulatory walls.
According to Modi, the current decade is being referred to as India’s “tech-ade,” and his administration would bring in huge improvements to enhance innovation, entrepreneurship, and the startup environment.
Start-Ups And Economic Prosperity
Being the centers of innovation, development, and new-age technology, start-ups will definitely increase the employment levels of the country and will eventually boost the economy.
Startups enhance the economy with groundbreaking technologies and, over time, generate new sectors. When these firms become public, they genuinely become profit generators not only for the owners but also for their employees and shareholders. No wonder how Infosys changed Bangalore, Microsoft changed Redmond and Google changed California; start-ups will lead to a better nation and thus a better place to live.
Modi stated that the number of startups in India has increased from less than 500 just five years ago to over 60,000, adding that these companies are operating across over 55 business sectors and “changing the rules of the game.”
“I believe the golden period of India’s startups is starting now,” Prime Minister Narendra Modi said, adding that the country is “rapidly approaching a century of unicorns,” which are the hallmark of self-reliant and independent India.
According to a World Bank analysis, India is the fastest-growing country in the world due to its rapid GDP growth. Additional wealth can be generated in the domestic market by fostering and promoting more start-ups. Thus, consumer capital will circulate throughout the Indian economy.
Hearing From Start-Ups
Nandini Mansinghka, CEO and Co-founder of Mumbai Angels said that the Prime Minister’s announcement is a significant step toward encouraging entrepreneurs and innovation, as well as highlighting a New India initiative, in which industries such as Agriculture, Health, Enterprise Systems, Space, Industry 4.0, Security, Fintech, Environment, and others are encouraged to work together to build a better future for the country.
Co-founder and CEO of SUGAR cosmetics, Vineeta Singh says, “India has been one of the fastest-growing markets globally. Also, the Indian consumers have been continuously evolving, with a large-sized young demographic, being easy adapters of newer technologies, with growing purchasing power.
This rightly makes India a favorable market with strong potential for any apt startup idea to exponentially flourish. In addition to this, gaining Government recognition for Startups in India by launching different schemes and easing regulations has only made the future of startups in the country stronger.”
In terms of future opportunities, the Prime Minister stated that since over half of India’s population is currently online, the future possibilities are enormous and urged the startups to move towards villages too!
“Whether it is mobile internet, broadband connectivity, or physical connectivity, aspirations of villages are rising and rural and semi-urban areas are waiting for a new wave of expansion,” he added.
Disclaimer: This article is fact-checked
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