Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science and Technology, MoS PMO, Department of Atomic Energy and Department of Space, and MoS Personnel, Public Grievances, and Pensions, has highlighted the significant success of the Indian startup ecosystem under the leadership of Prime Minister Narendra Modi.
Before 2014, there were only around 350 startups in India. However, after Prime Minister Modi’s clarion call for startups in his Independence Day address in 2015 and the launch of the Startup India initiative in 2016, there has been a remarkable growth in the number of startups. India now boasts the world’s third-largest startup ecosystem, with 92,683 startups and over 115 unicorns (billion-dollar enterprises). In 2022 alone, 26,542 entities were recognized as startups by the Department for Promotion of Industry and Internal Trade (DPIIT).
The startup boom has also had a positive impact on job creation. According to a NASSCOM study, tech startups alone created 23 lakh direct and indirect jobs between 2017 and 2021. Since the launch of Startup India in 2016, startups have reported the creation of a million jobs directly and many more indirectly. This is a significant increase compared to the meager 10 jobs created before 2016.
Dr. Jitendra Singh emphasized that the government’s focus over the past nine years has been not only on creating employment but also on fostering entrepreneurship. In addition to Startup India, the government launched the StandUp India scheme in 2016, which facilitates bank loans for setting up greenfield enterprises in trading, services, or manufacturing sectors to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) and one woman per bank branch. This scheme is expected to benefit at least 2.5 lakh borrowers.
The Minister also highlighted the success in sectors such as space and biotech. The government has opened doors to private sector participation in the space sector, resulting in ISRO collaborating with nearly 150 private startups. The value of India’s bio-economy has grown from $10 billion in 2014 to over $80 billion, with the number of biotech startups increasing from 52 in 2014 to over 5,300 in 2022.
Dr. Jitendra Singh encouraged aspiring entrepreneurs to explore opportunities beyond the IT, computer, and communications sectors and consider the untapped potential of the agricultural sector. He highlighted the Aroma Mission, supported by CSIR, which promotes the cultivation of aroma crops like lavender, lemon grass, rose, and marigold. This has led to the emergence of agri-tech startups focusing on the extraction of costly oils used in various industries.
The Minister mentioned the government’s efforts in various sectors and welfare schemes aimed at empowering every Indian, including MUDRA Yojana, Stand Up India, and PM SVANidhi, which have provided loans to street vendors and entrepreneurs from marginalized groups. He also noted the substantial increase in formal jobs as evidenced by the rise in new Employee Provident Fund Organisation accounts.
As India celebrates 75 years of independence, Dr. Jitendra Singh reiterated the government’s commitment to empowering the youth through various initiatives such as the National Education Policy (NEP), skill training under PM Kaushal Vikas Yojana, and opportunities in the Armed Forces under the Agnipath scheme.
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