January 17, 2022 - 6:09 am

Backbone Of New India

    In a symbolic boost to India's growing startup ecosystem, Prime Minister Narendra Modi announced that 16 January will be celebrated as National Startup Day and termed startups as the “ backbone “ of new India and the engine that will power the nation’s economic growth in the run up to the 100th year of Independence. The government is focusing on three aspects to strengthen innovation, entrepreneurship and startup ecosystem —"Freeing entrepreneurship, innovation from government and bureaucratic silos; setting up institutional mechanisms to promote innovation, and handholding of youth innovators

    startups are changing the rules of the game. They are going to be the backbone of New India. The Azadi Ka Amrit Mahotsav which is scheduled from January 10-16, marks the 6th anniversary of India's start-up initiative. The event showcases start-up's across various sectors including Health, Agriculture, Space, Industry 4.0, Science and more. More than 150 startups have been divided into six working groups based on themes including Growing from Roots; Nudging the DNA; From Local to Global; Technology of Future; Building Champions in Manufacturing; and Sustainable Development. Each startup will make a presentation to the Prime Minister, based on the allotted themes given to them.

    India has over 60,000 startups with 42 unicorns. India's ranking on the Global Innovation Index is improving because of the programme on innovation started in the country. 28,000 patents were granted last year as compared to 4,000 patents in 2013-14. Against registration of 70,000 trademarks in 2013-14, 2.5 lakh trademarks have been registered in 2020-21. India was ranked 81 in 2015 and now it is at No. 46. Recalling the concept of the current decade as the 'techade' of India, the Prime Minister listed three important aspects of the massive changes that the government is making in this decade to strengthen the innovation, entrepreneurship, and startup ecosystem

    The contribution of startups include by way of large infusion of FDI in an asset class outside of public markets, export of products and services by the country, larger base of retail investors borne out of employees with respectable salaries and wealth creation tools such as ESOPs and being a key consumption market in the global economy.

    National Startup Day is a validation of the role of startups in the growth of the country’s GDP and strengthening India’s position at a global stage, and will encourage young talent to see entrepreneurship as a primary career option.  The acknowledgment is a big morale booster for entrepreneurs – the new job creators of the country. India is already a talent powerhouse, this move will further encourage millions to innovate and find solutions to business and societal challenges, thus making the country a global leader.