Creativity, Innovation and Disruption are the New Mandate for the Post Covid World: Piyush Goyal

New Delhi: We have a billion minds to tackle a million problems, stated Shri Piyush Goyal, Minister of Commerce & Industry, Government of India, while addressing the SCO Startup Forum on 27th October organized by Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India, Confederation of Indian Industry (CII) and Start-Up India. The minister was referring to the vibrant startup ecosystem of India, which is the third largest in the world.

The Minister stated that the Startup India initiative launched by Prime Minister Shri Narendra Modi has fueled the spirit of entrepreneurship in the youth. Studies reveal that the average age of young entrepreneurs is 31 years and they have come out with critical applications and breakthrough technology that were necessary for the country to tide over the effects of Covid.

Shri Goyal said that a robust partnership between the SCO member states will go a long way in fostering mutual innovation, empowering startups, sharing of best practices, promoting incubators, build a knowledge capital, promote trade, provide market access, in addition to helping all key sectors of the economy, including education, tourism etc. He mentioned that it is a collective responsibility to frame a sound policy ecosystem that nurtures startups, provides a safe environment and promotes faith in entrepreneurs.

Dr. Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Government of India mentioned that over the last four years there has been a vast growth in India’s startup ecosystem and as many as 38,500 start ups have been recognized by the Government of India. These are operation in a vast array of 48 sectors and each of them have at least one woman director on board.

H.E. Vladimir Norov, Secretary General, SCO Secretariat mentioned that SCO Startup Forum is a timely event that can have a positive impact on the current situation of the world. Through cooperation between the SCO countries techno parks, hi tech incubation, mentorship, internship are being facilitated. A Working Group of multilateral cooperation are working on raeting platforms for SCO member states and accelerating startups in these states.

Mr Anil Agrawal, Joint Secretary, Department for Promotion of Industry and Internal Trade, Government of India, while providing an overview of the rich start up ecosystem of India mentioned that India has added 23 unicorn, the sunrise sectors being fintech, health tech, retail technology and others. 12 jobs per start ups are created in India. The Government’s initiatives including the National Start up Awards, Ranking Framework, Indic Language Startups – are contributing to the growth of the segment. He further stated that the SCO Startup Forum has augmented reality virtual platform, with over 90 startups participating, and 1500 registrations from over 50 countries.

Mr. Kris Gopalakrishnan, Chairman, CII Startup Council mentioned that India has a larger consumer base, which is a great opportunity for entrepreneurs. The country would soon reach the threshold of USD 5,000 – 10,000 per capita income.

He apprised that the CII Start up Council works to facilitate innovation, build linkages, support proposals on policies and regulations, along with supporting startups from Tier II, Tier III cities and the rural ecosystem.