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Start-ups on AI to be catalyst of digital economy: Minister
Start-ups are not just about empowering young people but also about deep transformational economic change in the country, Rajeev Chandrasekhar said
Union minister of state for electronics, information technology, skill development and entrepreneurship, Rajeev Chandrasekhar, said the new economic opportunities and wealth in the country is being created by new entrepreneurs, building the company on their capability. This is the importance of the start-up.
Speaking at the session on Uttar Pradesh: Gearing for Startup Revolution, the next big opportunity, Chandrashekhar said, “Today India has created a generation of confident entrepreneurs. Over 80,000 start-ups are working of which 109 have become unicorns. The democratisation of opportunities and capital represents new India.”
Start-ups are not just about empowering young people but also about deep transformational economic change in the country. The importance of the start-up is that it is defining new India. Earlier, after passing out of college, the youths looked for government jobs or jobs offered by a few private companies. Today, they are realising their dream of entrepreneurship by launching start-ups, he said.
The other emerging areas for start-ups in the country is artificial intelligence and data economy. Artificial intelligence will be the catalyst of our digital economy, he said.
The microelectronic and semi-conductor design sectors will open new ventures for start-ups. The central government has sanctioned funds for new ventures and we will partner with states for investment. The states will also launch micro-electronics and semi-conductor design start-ups, he said.
In May 2022, the country witnessed the launch of space start-ups. Around 138 companies have been launched to create products, solutions and technology in the space ecosystem, he said.
Entrepreneurs interested in investing in start-ups can partner the Uttar Pradesh government. The central government will be enabling partners in assisting entrepreneurs in setting up start-ups in Uttar Pradesh, he said.
