Centre’s efforts such as the ‘Startup India’ initiative have contributed to the ecosystem’s success
On Monday, startup founders lauded PM Narendra Modi saying that India’s startup ecosystem is thriving due to several initiatives launched by the Prime Minister in the last few years, like ‘Startup India‘, amid conducive policies and budgetary reforms.
The combined value of the Indian startup ecosystem in terms of valuation is estimated at over $450 billion, according to industry experts.
The startup founders said that initiatives like tax breaks and business simplification reforms by the government have supported an environment, in which new ideas flourish and business grows.
In a recent interview with NDTV channel, PM Modi mentioned that more than 1.25 lakh startups and over 100 unicorns have given lakhs of jobs to youth. He said that new emerging sectors like gaming and space have created a talent pool in the country, especially from small towns and cities.
“Such measures have led to an increase in foreign direct investment and made it possible for new startups in areas such as electric vehicles (EVs) and solar batteries like ours to operate successfully and help contribute towards achieving sustainability in the country,” V G Anil, CEO of Pune-based energy-tech startup ARENQ, told IANS.
Karan Desai, Founder of Interface Ventures, said that this growth has been possible due to several key driving factors, such as a conducive environment for startups to grow and thrive in the country, encouraging the spirit of entrepreneurship and business within people at a fairly young stage, and others.
He noted that the government’s efforts, such as the Startup India initiative, have contributed to the ecosystem’s success.
According to Ankit Aggarwal, Founder, and CEO of Delhi-based HRtech startup Unstop, the government has initiated about 217 incubation centres that have the approval of close to about Rs.841 crore.
“In the Atal Incubation Mission, we had close to about 3,500 startups that were incubated in about 72 Atal Incubation centres across India. He further added that every state will soon have multiple startups and unicorns with amazing business models and innovation, which will take the world by surprise.”
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