Prime Minister Narendra Modi has announced that January 16 will be celebrated as ‘National Startup Day’. During his interaction with startups from different sectors, PM said that startups are going to be the backbone of new India. “Start-ups are going to be the backbone of new India. When India completes 100 years of independence, startups will have an important role. Country’s innovators are making the country proud globally,” the Prime Minister said.
Startup founders and CEOs across the country have welcomed PM’s announcement and expressed happiness over the recognition bestowed on the startup sector in India. Here are quotes from co-founder and CEOs of three such startups.
Gaurav Mangla, CEO and co-founder of Pickrr
A day dedicated to startups of India is a great move, and Pickrr appreciates the initiative announced by PM Modi in promoting Startup ecosystem in India. It will give wings to the growing startups and motivate all the innovative youth of our country to start something of their own.
National Start-up Day will provide a platform for entrepreneurs to discuss the importance of entrepreneurship and innovation to India’s youth and economy. According to the reports, Indian startups raised $42 billion in 2021, up from $11.5 billion in the previous year. This shows the commitment of this sector.
Fintech, D2C brands, and SaaS (software as a service) are emerging businesses. India has the third-largest startup ecosystem globally, with about 60,000 startups contributing heavily to the Indian economy.
Aakrit Vaish, co-founder and CEO, Jio Haptik
The tech adoption is booming in every corner of the country and every type of business is becoming a digital-first business. Until five years ago, technology and digital were thought of as a cool thing to do, but now it has become a demand where everything is tech and digital. The most essential thing is that the PM’s acknowledgement to the entrepreneurs’ problems and recommendations to them is the greatest source of inspiration for creative people. Thus, it’s a great time to be in the industry.
A single idea can change the course of your journey but there are many challenges that one has to face while building a startup like financial management, team building, fierce competition, guidance, consulting and education about what you want. But with the right information and support this can be tackled easily. Taking note of government’s involvement with startups and supporting them through measures such as Startup India, removing problems of ‘angel tax,’ simplification of tax procedures, arranging for government funding, allowing self-certification of nine labour and three environmental laws, and removing more than 25 thousand compliances.
Pulkit Agrawal, co-founder and CEO, Trell
Getting such an inspiring news ahead of the budget gives all entrepreneurs a hope and a much needed boost. This initiative will enhance awareness of startup ecosystem and job creation furthermore accelerating support to the country’s entrepreneurial community.
The government’s decisions and message on prioritizing innovation, entrepreneurship, and the startup environment have three important features – entrepreneurship must be free of bureaucratic silos, an institutional structure for innovation must be built, and provide young innovators a platform to grow and flourish.