Startups In India To Grow Tenfold In Next 4-5 Years, Says MoS Rajeev Chandrasekhar The minister highlighted India's remarkable progress in creating unicorns and startups, how they have successfully entered areas in emerging technologies such as AI, Web3 and deep tech
By Teena Jose •
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Union minister Rajeev Chandrasekhar has said that the next 4-5 years would witness substantial growth for such enterprises and the startups in the country will increase 10 times.
Speaking at the JITO Incubation Innovation Foundation (JIIF) Sixth Foundation Day and Investors/Startup Conclave in Hyderabad, the Union Minister of State for Skill Development and Entrepreneurship and Electronics and IT, highlighted India's remarkable progress in creating unicorns and startups, how they have successfully entered areas in emerging technologies such as AI, Web3 and deep tech.
"In 2014, our nation's tech landscape was limited to IT and ITes. However, since then, opportunities have emerged across various domains such as deep tech, AI, data economy, semiconductor design, microelectronics, and high-performance computing. Due to the vision of PM Modi, what was once just one-third of the overall tech space has now expanded, presenting immense potential for unicorns and startups. From 108 unicorns I am sure we will reach 10,000 in the next 4-5 years. Today we have over a lakh startups in India and it will increase by 10 times," said Chandrasekhar.
He further added, "In 2014 there were 3 out of 4 Indians who were not skilled. Professionals joined the workforce every year unskilled and this was the legacy and the reason why for many years we had many smart people but they went off abroad. Education and skills were available to the elite part of the society and the rest were left to fend off alone and survive on their own."
"We continue to work with the industry in partnership with big and small companies and they tell us what these skills are and the Government partners towards creating a framework that is developed through a network academia. Community and corporate partnerships are very important elements to startups," added the minister.
Shri Gajendra Singh Shekhawat, Union Minister for the Department of Water Resources, River Development and Ganga Rejuvenation; Shri Jayesh Ranjan, Principal Secretary of Industries and Commerce; and Shivangi Jain, Sr. Assistant VP of Startup India, graced the event with their presence, are some of the event participants.
During the event, JITO Shark Angels Season 2 was also launched to provide startups with a platform to raise funds and gain exposure. An MoU was signed and exchanged between JIIF and T-Hub, furthermore, JIIF expanded its network of collaborations by establishing partnerships with IIT Jodhpur and iStart. These MoUs were entered into for mutual cooperation and collaboration, aiming to strengthen the entrepreneurial ecosystem.
"As we celebrated our 6th Foundation Day, it was an honour to host the Investors Conclave. The event surpassed our expectations, creating a platform that facilitated connections, learning, and collaboration among entrepreneurs and investors. With 55 companies incubated under JIIF, we take pride in the success of 27 of them. A significant investment of INR 150 crore has been made in around 70 early-stage startups," said Rajat Mehta, Honorary chairman, JIIF.
