PM Modi’s gift to the start-ups this Independence Day

MUMBAI, INDIA: There is a lot to cheer for the start-up ecosystem in India.

Prime Minister Narendra Modi, in his 85-minute long Independence Day speech from the Red Fort Rampart yesterday, doled out series of plans to boost the start-ups in the country under the Start-up India, Stand-up India initiative.

The initiative is part of the PM’s determination to make India a developed nation by 2022. Plus it speaks volumes about his resolve to encourage start-ups to create jobs, promote the spirit of entrepreneurship and add fresh output to the Indian economy.

"In no time a network of start-ups will mushroom in India. New entrepreneurs and enterprises will be created. They will give jobs to one, two, three or four people, bringing considerable change to India's economy," he said in the speech.

The announcement was warmly welcomed by industry bodies Federation of Indian Chambers of Commerce (FICCI) and the Confederation of Indian Industry (CII).

"Creating a few million entrepreneurs across the country will not only create many more million jobs but also provide livelihood opportunities for the poor in remote corners of the country," said Jyotsna Suri, President, FICCI.

According to research from iSpirt, “The India consumer sector is coming of age with more than 300 million internet users, and 15-20 million of them transacting online."

Another study by ASSOCHAM has predicted a score of dollar billionaires and several new millionaires to rise in India by 2020 with a boom in the area of start-ups, notably in digital domain, e-commerce and financial services.

"India will be among the top among the Asian start-ups along with the Chinese and the South East countries. However, the structural problems in China are likely to create road blocks for the start-ups there. No such issue confronts the Indian start-ups," the study said.

It must be noted that during the launch of the Digital India week on July 1, Modi reiterated that the youth needed support for starting new enterprises and his government was committed towards helping start-ups.

"In the world today, in the area of start-ups, the presence of Indian youth is very large. In the coming years, India will be ranked second after the United States, in start-ups. But his needs encouragement," he had said at the event.