The Start-up Mahakumbh ended with Pm Modi at the forefront delivering his speech at the Bharat Mandapam, where he outlined how youths are driving startup ecosystem, becoming ‘job creators, not job seekers’.
India is going on path towards becoming in the group of developed nations and start ups contributing majorly.
India today has approximately 117,254 startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), including an estimated 110 unicorns. Collectively, these startups have contributed to the creation of over 1.24 million jobs, significantly impacting the economy, data as per 31st Dec 2023.
India is the world’s third-largest startup ecosystem, with the youth leading the way; Pm Modi at Mahakumbh pevilion
“The start-up ecosystem has changed the psyche from wanting to be “job seekers” to being “job creators”. “India is preparing a roadmap for a developed country, we took the right decision at the right time,” the prime minister added.
Key Take Away from PM Modi’s speech at Start-up Mahakumbh 2024
- The unprecedented growth of India’s startup culture and young entrepreneurs bringing their innovations to small cities as well.
- A crucial takeaway from the Startup Mahakumb event is the emphasis on innovation and intellectual property (IP) rights. Prime Minister Narendra Modi’s address highlighted the significance of startups in emerging sectors such as deeptech, agritech, biotech, medtech, and AI. With over 12,000 patents registered by Indian startups and a focus on fostering a culture of innovation, the event underscores the importance of safeguarding intellectual property.
- This growth is not limited to metro cities; it has become a social culture, with young entrepreneurs bringing their innovations to small cities as well said PM Modi.
Start ups are playing critical role in nation-building and this year, over one lakh patents have been granted in India, with 50% of them representing Indian innovations.
- The Startup Mahakumbh App, launched in March 18th served as the go-to platform for registered delegates, visitors, and exhibitors to seamlessly connect with key stakeholders, policymakers, investors, and fellow attendees.
- The aim of the App is to enhance collaboration, innovation, and growth across the startup landscape, the app offers a comprehensive suite of features tailored to the needs of registered participants.
- Additionally initiatives in artificial intelligence (AI) such as the National Quantum Mission, India AI Mission and Semiconductor Mission have opened gates of opportunities for young innovators and global investors.
When the start-up scheme initiated a few years ago has scaled new heights, aligning with the ‘2047 Viksit Bharat‘ (developed India) roadmap.
The government has been proactive in promoting startup investments through the Bharat Startup Ecosystem Registry, a component of the StartUp India programme, designed to connect and assist the varied stakeholders within India’s startup landscape.
This registry acts as an exhaustive database, featuring categories such as investors, incubators, academia, government entities, mentors, and industry organizations.
Since its launch in January 2016, the Startup India initiative has been dedicated to fostering a robust domestic startup ecosystem, encouraging innovation, and facilitating investments.
DPIIT-recognized startups are eligible for various incentives under multiple schemes, including the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS).
The Startup India Seed Fund Scheme, approved for a four-year period starting from FY22 with a budget of ₹945 crore, is aimed at providing financial support to startups for proof of concept, prototype development, product testing, market entry, and commercialization.
