Startups will grow 10 times in next 4-5 years: MoS Chandrasekhar

Industry leaders and young entrepreneurs gathered at the 6th foundation day & investors/startup conclave of JITO Incubation Innovation Foundation in Hyderabad to discuss new business ideas

Chandraseskhar on startups

Hyderabad: Union minister of state for skill development & entrepreneurship Rajeev Chandrasekhar on Sunday said that the number of startups in the country would shot up by ten times than the current one lakh and the unicorns will reach the mark of 10,000 from the existing count of 108 in the next four-rive years.

Chandrashekhar, who is also the junior minister of electronics and IT, was speaking at the 6th foundation day and investors/startup conclave of JITO Incubation Innovation/ Foundation (JIIF) in Hyderabad, where he had engaged with industry leaders and aspiring young entrepreneurs.

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The minister said that India has made remarkable progress in building unicorns and startups, thanks to the emergence of technologies, such as AI, Web 3, and deep tech.

Lauding collaborative efforts between the industry and the government to enhance skill development, the Rajeev Chandrasekhar said that it had created a conducive atmosphere for growth of startups. “The government’s transformative approach is helping people understand new technology and upgrade with new skills, which was lacking earlier,” the minister added.

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He said that through strategic partnerships with both big and small companies, the government now works closely to identify necessary skills, creating a comprehensive framework with the active involvement of academia, communities and corporations.

“In 2014 there were 3 out of 4 Indians who were not skilled. Professionals joined the workforce every year unskilled and this was the legacy and the reason why for many years we had many smart people but they went off abroad. Education and skills were available to the elite part of the society and the rest were left to fend off alone and survive on their own,” said the minister, while exhorting industries to support the potential startups to become sustainable and flourish.

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The minister also called up the industry work in partnership with big and small companies to empower the new generations with modern skills. The government has been developing partnership to create a framework that is developed through a network academia. Community and corporate partnerships are very important elements to startups,” the minister further added.

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