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Start-up to determine India's future economy: Jitendra Singh

BNE ADMIN


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Guwahati: The Union Minister, Dr. Jitendra Singh, says, the startup ecosystem is going to determine India’s future economy and will act as a key pillar for the world economy as well.

The Minister speaks as a Chief Guest at the "Start-up India-2022 Expo & Conclave" in New Delhi, which is organised by the PHD Chamber of Commerce.

According to Dr. Jitendra Singh, the number of start-ups in India has increased from 300 to 70,000 in the eight years from 2014 to 2022, owing to the stimulus provided by Prime Minister Narendra Modi. India boasts the world's third-largest ecosystem in this field, and a start-up may take the shape of a unicorn in just eight to ten days. He went on to say that after 44 unicorns in 2021, the milestone of 100 unicorns was reached a few days ago, with a valuation of Rs 25 lakh crore. The Minister reminded the audience that India's unicorns had a faster average growth rate than the US, UK, Germany, and others.

Dr. Jitendra Singh emphasised the need of maintaining the start-up movement and asked the industry to take an equitable interest in the fast-growing sector. The Minister also emphasised the need of integrating start-ups, research, academia, and industry for a win-win situation for everybody.

The minister recommended aspiring StartUp entrepreneurs to go beyond the IT, Computer, and Communications industries to the most undiscovered and wealthiest agriculture sector, which is expecting a massive Tech revolution following the Green revolution. Agriculture is one of the most essential foundations of the Indian economy, according to the Minister, since it employs 54 percent of the Indian people and contributes for around 20 percent of GDP. He stated that the success of the CSIR-sponsored Aroma Mission of Lavender production in Jammu and Kashmir should be duplicated in other states in other appropriate crops and plants, notably in the bamboo sector.

Dr. Jitendra Singh stated that 'Kisan Drones' should be widely used for crop evaluation, digitization of land records, pesticide and fertilizer spraying, and pointed out that nations such as Israel, China, and the United States have altered various agricultural practises in their respective countries via the use of technology.

Similarly, Dr. Jitendra Singh bemoaned that India's dairy sector requires more and more Amul success stories, and he urged inventive start-ups to take the lead and make India the greatest exporter of milk products. According to him, Australia has the most StartUp ventures in the dairy industry, and Indian entrepreneurs should learn and incubate innovative methods.

He further stated that following the Modi government's recent opening of the Indian space industry, 60 start-ups registered with ISRO with ideas ranging from nano-satellite, launch vehicle, debris management, to ground systems and research.

Dr. Jitendra Singh stated that since PM Modi proclaimed "Start-Up India, Stand-Up India" from the ramparts of the Red Fort in his Independence Day address in 2015, it has taken off in a significant way across the country, and there are now several government attempts to push for more start-ups to emerge from Tier 2 and Tier 3 cities. According to the Minister, this is also an acknowledgment of young independence from the "Sarkari Naukri" mindset, and the government is working hard to create an enabling environment for rural and semi-urban firms.

Dr. Jitendra Singh pledged the Science and Technology Ministry will provide entire financial and technical assistance to young and potential start-ups in the bio-tech, dairy, and agri-tech sectors. He also offered assistance in product creation, marketing, and sales in order to provide productive employment to the country's young.

BNE ADMIN