Industries And Startups Should Work Together To Achieve Their Full Potential, Says Amit Shah The Union home minister also urges the industry to look more towards research and development to scale up

By Teena Jose

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Amit Shah, Union home minister, on Thursday said that the country's startups and industry to work together to leverage their full potential and emphasized that there is a kind of linkage between the two. He also asked the industry to look towards research and development to scale up. Home minister was addressing the third edition of Sankalp Se Siddhi conference in Bengaluru, jointly organized by the ministry of culture and the confederation of Indian industry.

"Industry should back startups, as startups cannot leverage their full potential in isolation. We already have 100 unicorns. But, if startups and industry work together, then, we will get benefits manifold. Time has come for industries to put thrust on R&D, and CII should become a platform to promote research. India's industry should not think about increasing its speed but about changing its scale and if scale is to be changed, then the thrust has to be given to R&D," said Amit Shah.

He also added that, "CII should identify things. This should be done by industry now and that can only happen when CII becomes a platform instead of just representing issues. CII should come up with some concrete proposals to solve problems. We need to move forward by paying special attention to defence, energy and how to be a cost-friendly industry and manufacturing hub."

Emphasizing the government's schemes, Shah said, "Between 2014 and 2021, foreign direct investment of $440 billion came to India. The country has improved its position on the ease of doing business ranking to 63rd position from 142nd in 2014. Also, the number of unicorns in India have shown a sharp increase from 1 in 2014 to more than 100 currently. Moreover, the youth are representing India in the global podiums."

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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