New Delhi: Union Minister of State (Independent Charge) for Science and Technology on Friday said that India was emerging as the world’s preferred start-up destination. “The start-up culture must spread to India’s B-Towns as this is now mostly confined to Bengaluru, Hyderabad and other big cities,” said Dr Singh, while speaking as the chief guest at India’s First Tech Start-Up Conclave and Awards Summit here.

Dr Singh, who also holds the portfolio of MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, the robust ecosystem of Start-ups will play a critical role in ensuring that India achieves its goal of $5 trillion economy by 2025. He said that in 2016 itself, Prime Minister Narendra Modi had announced from the ramparts of the Red Fort about the Start-Up initiative, followed by Stand-Up India and several such visionary initiatives. Thanks to various schemes, focus and support system provided by Prime Minister Modi, 10,000 Start-Ups got registered in India in 2021 alone. India now has 50,000 plus start-Ups providing more than 2 lakh jobs in the country.

He said that the recent General Budget of 2022-23 is a ‘futuristic budget with scientific vision and Start-Up incentives.’ The Minister said that announcements of innovative new initiatives like Digital Rupee, Digital Banking units in 75 districts, Digital University and Start-Ups linked to Artificial Intelligence, Space Technology, and Drone Shakti are examples of digital push and innovative ecosystem that the government wants to promote. He said the exemption of tax for Start-Ups up to 2024 and other incentives for domestic and export sectors will enable India to take a lead in Start-Ups in the World.

The Minister said the growth of investment opportunities in tech start-ups in sectors such as state services, healthcare, agriculture, financial services, education, retail, and logistics can generate a huge number of job opportunities and contribute to India's economy. He, however, said that sectors like dairy, telemedicine and deep sea ocean mission must be fully tapped. He said the government is extending full support to promote domestic manufacturing, industry-led research, and the creation of a skilled workforce.

He said India is fast becoming a breeding ground for innovations and future trends show opportunities for start-ups to disrupt and innovate with technologies like blockchain, the Internet of Things (IoT), artificial intelligence (AI), and machine learning. The Minister also emphasised that the Start-Up culture must spread to India’s B-Towns, as this is now mostly confined to Bengaluru, Hyderabad and other big cities. He, however, felt satisfaction over the fact that cities like Delhi, Jaipur, Chandigarh, Chennai, and Jodhpur have also witnessed an increase in economic and start-up activities.

Dr Singh said that no government in the world can provide salaried jobs to all its citizens and India is no exception to this. He said that on the other hand, Indian government promotes the culture of innovation and entrepreneurship by providing a platform for the generation and sharing of innovative ideas alongside an incubator to mentor and support innovators. He said, the government’s commitment to ensuring that young Indians are prepared to compete in the labour market is reflected in the variety of skill-building programs it has made available. /BI/