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

Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT, Rajeev Chandrasekhar, highlighted India’s remarkable progress in building unicorns and startups, how they have successfully entered areas in emerging technologies, such as AI, Web 3, and deep tech. Speaking at the JITO Incubation Innovation Foundation (JIIF) 6^th Foundation Day & Investors/Startup Conclave in Hyderabad, the Minister engaged with industry leaders and aspiring young entrepreneurs.

Shri 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 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. Education and skills were available to the elite part of the society and the rest were left to fend off alone and survive on their own. Prime Minister Shri Narendra Modi’s Skill India  reversed this. We continue to work with the industry in partnership with big and small companies and they tell us what these skills are and the Government partners towards creating a framework that is developed through a network academia. Community and corporate partnerships are very important elements to startups,” the Minister further added.