Startups will increase 10 times in the next 4-5 years: MoS Rajeev Chandrasekhar

Speaking at the JITO Incubation Innovation Foundation (JIIF) 6th Foundation Day & Investors/Startup Conclave in Hyderabad, the Minister engaged with industry leaders and aspiring young entrepreneurs.

Rajeev Chandrasekhar emphasised the transformative journey India has embarked upon since 2014. From being predominantly focused on IT and ITes, the next 4-5 years will witness substantial growth for startups and unicorns, the Minister said during his interaction.

“In 2014, our nation’s tech landscape was limited to IT and ITes. However, since then, opportunities have emerged across various domains such as deep tech, AI, data economy, semiconductor design, microelectronics, and high-performance computing. Due to the vision of Prime Minister Shri Narendra Modi what was once just one-third of the overall tech space has now expanded, presenting immense potential for unicorns and startups. From 108 unicorns I am sure we will reach 10,000 in the next 4-5 years. Today we have over a lakh startups in India and it will increase by 10 times,” the Minister said.

Rajeev Chandrasekhar also lauded the collaborative efforts between the industry and the government to enhance skill development.

Recognising the historic challenges faced by a significant portion of the population lacking skills, the Minister emphasised the transformative impact of Prime Minister Narendra Modi’s Skill India initiative.

He said that through strategic partnerships with both big and small companies, the government now works closely to identify necessary skills, creating a comprehensive framework with the active involvement of academia, communities and corporations.

“In 2014 there were 3 out of 4 Indians who were not skilled. Professionals joined the workforce every year unskilled and this was the legacy and the reason why for many years we had many smart people but they went off abroad," he said.