Prime Minister Narendra Modi on Saturday spoke of taking steps to free entrepreneurs and innovation from bureaucratic silos so that they can solve the country’s challenges.
‘Our startups are changing the rules of the game. I believe that startups are going to be the backbone of New India,’ he said interacting with youngsters from the world of startups. India is home to over 60,000 startups, with 42 unicorns. The government is focused on three aspects to strengthen innovation, entrepreneurship, and the startup ecosystem. ‘Freeing entrepreneurship and innovation from government and bureaucratic silos; establishing institutional mechanisms to promote innovation, and supporting youth innovators,’ he said.
Citing successes in recent years, he said 28,000 patents were granted last year, compared to 4,000 patents the year before. There were 70,000 trademarks registered in 2013-14, but 2.5 lakh have been registered in 2020-21. The program on innovation in India is enabling India to improve its ranking on the Global Innovation Index. According to him, India was ranked No. 81 in 2015 and is now at No. 46. In addition to bringing innovations, startups are also creating major job opportunities.
2022 has brought opportunities and avenues for startups, he said, adding that January 16 will be recognized as National Startup Day to promote the startup culture. Modi noted that easier access to funds as well as self-certification for nine labour laws and three environment laws help promote startups. For the country to overcome its challenges, he encouraged innovation and technology-based solutions.
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