Indian startups: Amit Shah urges industries to support startups, says country is adding unicorns fast

On Thursday, Union Interior and Cooperation Minister Amit Shah urged industries to give their full support to India’s startup ecosystem, which has come a long way since 2014, when the country only had one unicorn.

“Today, with over 100 unicorn startups, India’s youth represent the country on the global stage,” Shah said at the third edition of the “Sankalp Se Siddhi” conference in Bengaluru, jointly organized by the Ministry of Culture and the Indian Industry Confederation. CII).

A series of reform initiatives has lifted India to 43rd place on the global competitiveness index from 71st in 2014-15, he said.

Between 2014 and 2021, FDI worth $ 440 billion entered India, he added. “We have become the seventh favorite investment destination in the world. We were at number 142 on Ease of Doing Business in 2014, today we are at number 63 “.

Focus on research and development

Shah urged industries to prioritize research and development efforts to achieve scalability. “The Indian industry should not think about increasing its speed, but about changing its scale and if the scale is to be changed, then the push must be given to research and development.”

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Young Indians are the best brains for research and development and the CII should commit to doing research and development in India, he said, calling for efforts to see that nothing in the production chain, from raw materials to finished products, is produced at the outside India.

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