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India Ranks Third In Global Start-Up Ecosystem: Union Minister Anurag Thakur

The Minister for Information and Broadcasting, and Youth Affairs and Sports was speaking at the valedictory function of the 36th Inter-University North Zone Youth Festival (Antarnaad)

India Ranks Third In Global Start-Up Ecosystem: Union Minister Anurag Thakur
Anurag Thakur, The Minister for Information and Broadcasting, and Youth Affairs and Sports
POSTED ON February 06, 2023 6:56 PM

Union Minister Anurag Singh Thakur on Saturday said India is now the hub of the 'Start-up' ecosystem in the world, ranking third with 90,000 'Start-Ups' and 107 unicorn companies worth 30 billion dollars.

The Minister for Information and Broadcasting, and Youth Affairs and Sports spoke at the valedictory function of the 36th Inter-University North Zone Youth Festival (Antarnaad) under the aegis of the Association of Indian Universities (AIU) at the Jammu University.

More than 1,000 participants from 18 universities across the country participated in the week-long festival.

"India is now the hub of 'Start-up' ecosystem in the world, ranking third with 90,000 'Start-Ups' and 107 unicorn companies worth 30 billion dollars which has been possible only by the contribution of India's youth," the minister said.

Thakur said the world is looking towards New India under Prime Minister Narendra Modi as India is now the biggest exporter of vaccines, biggest exporter of mobile phones and defence equipment.

He said for sustainable growth, sustainable investment is required for the development of a green economy leading to green jobs.

"For that, India is moving towards becoming the global hub for green hydrogen producing five million metric tons, 10 per cent of the world in the next five years with Rs 8 lakh crore investment that will generate thousands of green jobs for the youth of this country," he said.

Praising the various performances of the youth during the festival, Thakur said India has a great history with rich culture, art and tradition and the youth of this country have a great responsibility to preserve this culture, art and tradition which is not seen anywhere in the world.

In an attempt to boost the start-up ecosystem in the country, the government has taken multiple steps since 2016. It launched The Startup India initiative with a focus on 'handholding and simplification,’ ‘funding support and incentives’ and ‘industry-academia partnership’. Additionally, it initiated in Fund of Fund Scheme (FFS) with an investment plan of Rs 10,000 crore. In 2021, the government launched Startup India Seed Fund Scheme (SISFS) with an investment plan of Rs 945 crore. Both schemes were aimed at boosting the start-up drive.

Currently, India is home to over 84,000 DPIIT-registered start-ups and more than 100 unicorns. 

(Filed With PTI Inputs)
 

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