In a massive shot in the arm for the economy in general, Union Minister of State Jitendra Singh shared that the number of startups in India jumped from around 350 in 2014 to over 300 times that in the past decade. These are the 10 years, the BJP-led NDA government has been in power at the Centre. Singh highlighted that India now ranks third globally in startup ecosystems and boasts some of the fastest-growing unicorns.
The Union Minister of State (Ind. Charge) Science and Technology credited this growth to Prime Minister Narendra Modi's leadership, lauding the effort in diversifying job opportunities. He said it has encouraged the young people in the country to explore better and new avenues, PTI reported. The minister also praised the government’s initiatives in opening up the traditionally conservative space sector, leading to significant advancements like the successful Chandrayaan-3 mission that landed on the Moon and the Aditya L1 solar mission, which is now studying the Sun.
Read More: Market valuation of 6 most valued firms in India rises by ₹1.30 lakh crore
He said, "India has literally reached for the moon and beyond with the twin feats of Chandrayaan-3 and Aditya L1 solar mission in the last year alone.”
{{/usCountry}}He said, "India has literally reached for the moon and beyond with the twin feats of Chandrayaan-3 and Aditya L1 solar mission in the last year alone.”
{{/usCountry}}The minister noted the rapid increase in space startups since the sector's privatization, indicating the success of PM’s forward-thinking decisions across various sectors such as space, roads, infrastructure, and electronics-communication.
Read More: Elon Musk arrives in China days after postponing India visit
He highlighted India's economic progress, moving from the 11th to the 5th largest economy globally and poised to climb further. Singh projected India's trajectory to become the 3rd largest economy during PM Modi's third term and the top economy by 2047. "In less than ten years, we jumped to 5th position. Hopefully this year it will emerge as the 4th largest economy and during PM Modi's 3rd term, India will be the world's 3rd largest economy, marching on to become the no 1 economy by 2047," Singh added.
Read More: Bank holidays 2024: No bank operations on these days in May
Singh stressed the need for sustainability in India's startup ecosystem and underscored the government's focus on empowering the youth.