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“Golden era of startups has just begun”~ declares PM Modi
Current Affairs Milkyway Blogs 25-Jan-2022 Comments (9) 20

“Golden era of startups has just begun”~ declares PM Modi

In a figurative boost to India’s growing startup ecosystem, On Saturday, Prime Minister Narendra Modi announced that 16 January will be celebrated as National Startup Day.

Interconnecting with over 150 startups during the Startup India Innovation Week organized by the Department for Promotion of Industry and Internal Trade (DPIIT). 

A statement from the Prime Minister’s office quoted, “For this culture of start-ups to reach the far-flung parts of the country, it has been decided to celebrate January 16 as National Startup Day.”

Last year, 42 startups turned into unicorns, Modi said: “Today India is rapidly moving towards hitting the century of the unicorns. I believe the golden era of India’s startups is starting now.” Currently, India has around 82 unicorns.

The startups, classified under six types, gave presentations to the Prime Minister on six subjects– ‘growing from roots’, ‘nudging the DNA’, ‘from local to global, ‘technology of future’, ‘building champions in manufacturing’ and ‘sustainable development.

They shared ideas and inserts on many sections including data collection mechanisms in agriculture, making India a preferred agri-business hub, boosting healthcare through the use of technology, tackling issues of mental health, promoting travel and tourism through innovations like virtual tours, ed-tech, and job identification, space sector, among others.

During the meeting, Modi also traced the measures taken by the government to support startups in the country, including schemes like Startup India, removing problems of ‘angel tax’, simplification of tax procedure, arranging for government funding, allowing self-certification of nine labor and three environment laws and removal of more than 25 thousand compliances.

He also sharped out measures and numbers which show growth in the startup ecosystem. Modi said that in 2013-14, 4,000 patents were approved, while in the last year, more than 28,000 patents were allowed. In the year 2013-14, about 7,0000 trademarks were registered, in 2020-21 more than 2.5 lakh trademarks were registered. 

Modi was of the view that Indian startups can easily make it to the worldwide phase and reach other countries and advised the young entrepreneurs: “Don’t just keep your dreams local, make them global. Remember this mantra — let’s Innovate for India, innovate from India”.

He also recommended many areas where the startup profession can play a major role including EV charging infrastructure, defense manufacturing, chip manufacturing offer, and the drone sector.

He also added, “From the rural economy to ‘Industry 4.0’, both our needs and our potential are limitless. Investment in research and development related to future technology is the priority of the government today.”

On 14th January in the night, He also tweeted, “Our Startups are changing the rules of the game. इसलिए मैं मानता हूं- Start-ups are going to be the backbone of new India: PM @narendramodi.”

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