Modi said easier access to funds as well as making self-certification for compliance of nine labour and three environment laws is helping promote startups. Innovation and technology-based solutions are being encouraged for finding solutions to challenges facing the country, he said.
Prime Minister Narendra Modi on Saturday called for innovating for India and from India to tackle challenges facing the country as he counted steps taken by the government in freeing entrepreneurs and innovation from bureaucratic silos.
“Our startups are changing the rules of the game. I believe that startups are going to be the backbone of New India,” he said interacting with youngsters from the world of startups through video conference. “Let us innovate for India, innovate from India.”
India, he said, has over 60,000 startups with 42 unicorns. The government is focusing on three aspects — first, to liberate entrepreneurship and innovation from the web of government processes, bureaucratic silos; second, creating an institutional mechanism to promote innovation; and third, handholding of young innovators and young enterprises, he said. The year 2022 has brought new opportunities and avenues for startups, he said adding January 16 will be celebrated as National Startup Day to help percolate startup culture to the grassroot level.
Modi said easier access to funds as well as making self-certification for compliance of nine labour and three environment laws is helping promote startups. Innovation and technology-based solutions are being encouraged for finding solutions to challenges facing the country, he said. ‘India’s ranking on the Global Innovation Index is improving because of the programme on innovation started in the country. India was ranked 81 in 2015 and now it is at No. 46,” he said. Recalling the concept of the current decade as the ‘techade’ of India, he listed three important aspects of the massive changes that the government is making in this decade to strengthen the innovation, entrepreneurship and startup ecosystem. Measures like removing problems of ‘angel tax’, simplification of tax procedure, arranging for government funding, allowing self certification of certain labour and environment laws and removal of more than 25,000 compliances have taken the process further, the Prime Minister noted.
Modi said, “Our startups are changing the rules of the game. That’s why I believe startups are going to be the backbone of new India…Today India is rapidly moving towards hitting the century of the unicorns. I believe the golden era of India’s startups is starting now.” He also underlined the role of empowerment by entrepreneurship in addressing the problems of development and regional-gender disparities.
