India is at the threshold of a Start-Up Boom: Union minister Mahendra Nath Pandey
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With new start-ups mushrooming frequently across sectors such as information technology, agro-food processing, logistics and transportation, among others, India is at the threshold of a start-up boom, said Mahendra Nath Pandey, Union minister for skill development and entrepreneurship. “There has been tremendous growth in the last three years,” he added.
According to a KPMG report, the number of start-ups in India increased from 7,000 in 2008 to 50,000 in 2018. According to the minister, the increasing number of start-ups creates employment and boosts the economy.
The minster was speaking at the National Entrepreneurship Awards (NEA) 2019 wherein the ministry presented awards to 30 young entrepreneurs and six organizations/individuals for their entrepreneurial efforts. The minister reiterated the government’s stand urging talented youth to move from being a job searcher to the job provider.
Fueled by innovative modules of business created by the youth, India is witnessing a change in its aspirations. “It is an evidence of drastic improvement in the business environment. It is our priority that we give the right kind of support to the aspiring talent and nurture and encourage our young minds to dream big and achieve bigger,” said Pandey.
“NEA is a great platform to encourage young aspiring entrepreneurs and recognize the exemplary work that they have done adding to their professional and nation’s overall growth. I wish all of them the very best for their future and hope they further motivate many more to be a part of India’s growth story,” he further added.
According to a release, there has been a sharp increase in the number of completed applications from a variety of businesses for the awards in 2019. The number of completed applications grew from 2,379 last year to 4,134 this year. The release added that the 73% growth of successful entrepreneurs completing their application for NEA 2019 is reflection of the increasing seriousness of young entrepreneurs.