The Union Minister for Home & Cooperation, Amit Shah, urged companies to fully support startups on Thursday in light of their linkages to the industry. Startups have come a long way since 2014, when the country had only one unicorn—a company valued at $1 billion or more.
Speaking today at Bangalore’s third “Sankalp Se Siddhi” conference, Shah remarked, “Capital may be a problem, but you can encourage R&D through a consortium.
Indians are thought to have the greatest minds in the world for R&D, hence CII should work to have R&D done in India. Since there is a connection between the industry and the startup, the industry should also support startups.
He said, “Today, the young of India are representing the country on the international arena with over 100 unicorn firms. We now rank as the seventh most popular investment location in the globe. In the rankings for the ease of doing business, we were ranked 142 in 2014; as of right now, we are at number 63.
A convention to prepare from this “AmritVarsh” to the Centenary year is called the Sankalp to Siddhi conference. Prime Minister Narendra Modi has referred to the period between 75 and 100 years after India gained its independence as AmritKaal.
17 Lok Sabha elections, 22 administrations, and 15 Prime Ministers were in office after the nation achieved its independence in 1947. All of these things contributed to the nation’s growth.
According to the Union Home Minister, the CII ought to serve as a centre for R&D. India’s industry has to change its attention from rising velocity to changing dimensions. R&D must be prioritised if magnitude is to alter. He said that the CII should seek to do research in India since young people in India have the greatest ideas for research and development.
“CII should make things known. Industry needs to take action on this right away, but that can only happen when CII transforms from a platform to a group of problems to be represented. “CII should develop some specific solutions to issues,” he stated. In his address, he stated that in order to advance, “we need to give special attention to defence, energy, and how to be a cost-friendly industrial and manufacturing centre.”
According to the Home Minister, the country’s GDP growth rate in 2022 would be close to 7.4%, which is significantly higher than that of many developed countries. This demonstrates how our actions have been effective and are having a positive impact. India ranked as the sixth most popular place for foreign direct investment with $440 billion in FDI between 2014 and 2021.