Startups Are Not Fashion, They Are New Normal, Says Rajeev Chandrasekhar He was speaking at the inaugural event of an incubation center at the Nirma University in Ahmedabad

By Teena Jose

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Rajeev Chandrasekhar, minister of state for electronics and IT, has said that startups are the new normal and represent the new reality emerging out of the deep structural changes in the Indian economy. He was speaking at the inaugural event of an incubation center at the Nirma University in Ahmedabad.

Speaking at an interaction with students during the presentation on 'New India for Young India: Techade of Opportunities', minister said "Startups are not a fashion these days, they are the new normal. They are the new reality emerging out of the deep structural changes in the Indian economy ushered by the proactive policies and reforms initiated by the Prime Minister over the last eight years."

As per a statement, the minister also emphasized the opportunities that lie ahead for youngsters as India move forward. He also mentioned the rapid digitalization ushered during the Covid pandemic has opened new opportunities for India in general and young Indians in particular. In his words, "India is among the world's fastest growing economy, adding that the country has emerged as the world's third-largest startup ecosystem with over 100 unicorns and over 75,000 registered startups."

As per reports, minister also visited the Ganpat University in Mehsana and the 5G Center of Excellence, the Assembly line set up by Suzuki under a joint initiative between Japan and India.

Stating the significance of startups, in earlier reports, Narendra Modi, said on June 26 in Germany's Munich, he said, "India is leading the way of innovation with one unicorn emerging in the country at every 10 days. There was a time when India was nowhere in the race of startups. Today, we are the third-largest startup ecosystem. Similarly, we used to import even the simplest phones, today, we are the second-largest mobile phone manufacturers in the world. Not only in this, in India, on an average, we have a unicorn every 10 days."

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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