Home Minister Amit Shah urges industries to back India's startups
Amit Shah, the union minister for housing and cooperation, urged businesses on Thursday to fully support India’s startup ecosystem, which has advanced significantly since 2014 when there was just one unicorn in the nation.
Shah said at the 0.33 iteration of the ‘Sankalp Se Siddhi’ convention in Bengaluru, which was jointly organized by the Ministry of tradition and the Confederation of Indian enterprise, “these days with over one hundred unicorn startups, the youth of India are representing the country on the global level” (CII).
According to him, several reform initiatives have raised India’s ranking on the global competitiveness index from 71st in 2014–15 to 43rd now.
He continued, that $440 billion in FDI entered India between 2014 and 2021. The seventh most popular investment location in the world is now us. In 2014, we were ranked 142 in the Ease of Doing Business rankings; as of right now, we are at number 63.
To reach scale, Shah advised the businesses to give R&D priorities. “India’s industry should not focus on accelerating its pace, but rather on altering its scale, and if the scale is to be altered, then emphasis must be placed on R&D.”
The brightest minds for R&D are among India’s youth, and CII should work to conduct R&D within the country, he argued, urging efforts to ensure that nothing in the manufacturing chain, from raw materials to completed items, is produced outside of India.