Union Minister of Commerce and Industry Piyush Goyal said that the less the government moderates in the startup ecosystem, the more likely it is to flourish. In a program organized at the Science and Technology Park located at Savitribai Phule University, Goyal said that instead of interrupting, the government can do the work of supplying facilities to facilitate startup companies.
Goyal said, 'Only take the information from the technology sector. It is victorious in India because the government has no part in it. Allowing entrepreneurs to work at their gait and with very petite government intervention, they will come up with low-cost, cost-effective solutions. This will also improve their quality and design. He said that by giving support, startup companies will only get the short-term benefit, so they have to give a chance to move forward on their own.
Startup companies included in the unicorn category did not take the help of the government.
In the venture capital industry, the term unicorn refers to any startup that reaches a valuation of $1 billion. The term was first coined by Cowboy Ventures founder Eileen Lee when she referred to 39 startups that had a valuation of over $1 billion as unicorns. The term was initially used to emphasize the rarity of such startups. The portrayal of the unicorn startup has stayed unruffled since then. However, the number of unicorns has increased.
Referring to the startup companies that have joined the unicorn category, Goyal said, 'Rarely any of them have taken the help of the government. The government can cut taxes. We have also reduced the fee for a patent application for startups and women entrepreneurs. Government can be a good facilitator.
He added that about 46% of startups registered with the DPIIT are owned by women entrepreneurs. He said that the entrepreneurship of young boys and girls defines this success.
Once PM Modi said that every country has its own experiences in the journey of change. India has released a booklet to share the experiences of 5 years. BIMSTEC countries also share your experiences. This will help us all to learn. There were many challenges at the commencement of the Startup India Mission. Today India is one of the largest startup eco-system in the world. 14 thousand startups are engaged in some campaign or the other.
As a part of 'Azadi Ka Amrit Mahotsav', the Department for Promotion of Industry and Internal Trade (DPIIT) will organize a week-long program “Celebrating Innovation Ecosystem” which is suggested in January 2022.
The main intent of this innovation week is to bring concurrent leading startups, entrepreneurs, investors, policy-makers and other national/international stakeholders of the country for a specially systematised event on innovation and entrepreneurship and knowledge on best techniques for the development of the startup ecosystem will have to be exchanged.
The innovation week will help in providing market access opportunities to startups and help raise global and domestic capital for investment in startups. The event will showcase India's high quality, high technology and low-cost innovations.
The sessions will be designed to showcase the extent and profundity of innovation-based entrepreneurship in India, apart from contemplating upon the best routines from the best startup ecosystems across the world.
PM said that Startup India Movement is completing its successful 6 years. India has started the historic biggest vaccination drive against Corona. This day is a testimony to the capabilities of our scientists, youth and our entrepreneurs and the hard work and service of our doctors, health workers.
Startups have the power to change the future: PM
He said that a startup was talking about satellite launching. Whatever you have mentioned, they make you realize how much power you have to change the future. The first reaction on seeing the youth who are already in a startup is Wow. is your startup. This change is a great strength of BIMSTEC. Similar energy is visible in the startups of India and BIMSTEC.
1 lakh crore fund for agriculture infrastructure
To increase the infrastructure related to agriculture, the country has created a fund of 1 lakh crore. This will create many opportunities for the startup. These new approaches are giving birth to new technology. All the startups that are coming today are coming with different ideas. Revolution is happening in every sector. Whenever a new challenge comes up, some startup always appears. He says, 'We will do this work'.
