Indian Startups to Thrive with 10x Growth in the Next 4-5 Years: Union MoS Rajeev Chandrasekhar
Written by Sanjay Kumar
Union Minister Rajeev Chandrasekhar praised India’s remarkable progress in the development of unicorns and startups, predicting a significant surge in the next 4-5 years with a tenfold increase in the number of startups in the country.
During the JITO Incubation Innovation Foundation (JIIF) Sixth Foundation Day and Investors/Startup Conclave in Hyderabad, the Union Minister of State for Skill Development and Entrepreneurship and Electronics and IT acknowledged India’s impressive advancements in creating unicorns and startups. The minister highlighted their successful ventures into emerging technologies like AI, Web3, and deep tech, according to an official release on Sunday (July 16).
Engaging with industry leaders and aspiring young entrepreneurs, the Minister emphasized India’s transformative journey since 2014. He noted that while India’s tech landscape was initially focused on IT and ITes, the next 4-5 years will witness significant growth for startups and unicorns.
“In 2014, our nation’s tech landscape was limited to IT and ITes. However, since then, opportunities have emerged across various domains such as deep tech, AI, data economy, semiconductor design, microelectronics, and high-performance computing,” he explained.
The Minister credited Prime Minister Narendra Modi’s vision for expanding the tech space, which was once only one-third of the overall industry. This expansion has created immense potential for unicorns and startups.
“From 108 unicorns, I am sure we will reach 10,000 in the next 4-5 years. Today, we have over a lakh startups in India, and it will increase by 10 times,” the Minister confidently declared, according to the release.
Chandrasekhar also commended the collaborative efforts between the industry and the government in enhancing skill development.
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Acknowledging the historical challenges faced by a significant portion of the population lacking skills, the Minister highlighted the transformative impact of PM Modi’s Skill India initiative. He mentioned that the government now works closely with both large and small companies through strategic partnerships to identify necessary skills, creating a comprehensive framework with the involvement of academia, communities, and corporations.
“In 2014, three out of four Indians were not skilled. Professionals joined the workforce each year without proper skills, leading to many talented individuals seeking opportunities abroad. Education and skills were primarily available to the elite, leaving others to fend for themselves. The Skill India program has reversed this trend,” he explained.
The Minister added that the government continues to collaborate with the industry, partnering with both big and small companies. By actively involving academia, communities, and corporate partnerships, they develop a framework that is crucial for startups’ success.
