Startups are no longer small and are slowly but surely going mainstream. There are more than 5 new tech companies starting in India every day and the country is the 5th largest in terms of funding.
The ‘Start-up India’ initiative by the Indian government is timed very well and we should be global leaders in the start-up sector in the next couple of years. India has a reputation that it starts slow but catches up fast and I am sure with this early edge, we will lead in this sector in the times to come.
This initiative will be instrumental to catapult us to the position of No. 1 economy in the world, as predicted by industry estimates, in the next 15-25 years.
We welcome the announcement around the inclusion of institutional support in schools, institutions, incubators, research facilities as well as tinkering labs and on government procurement.
Steps like these will help multiply the current base of start-ups manifold. Small business financing including debt is a major thrust area and we are seeing increasing traction for the same even on our platform.
We are glad that the Prime Minister has announced a variety of schemes to address the challenges of small business financing. To sum it up, we see yesterday's announcement as a concrete step towards achieving the Prime Minister’s vision of the youth of India becoming job creators and not job seekers.
(The article has been authored by Mr. Kiran Murthi, CEO, AskmeBazaar)