Why Is It The Best Time For Startups & Innovators?

The Indian startup ecosystem has witnessed a remarkable growth trajectory, with a staggering increase from 350 startups in 2014 to 90,000 in 2023. This upward trend indicates a favorable business environment for startups in the country. The numbers clearly speak of the growth! Interestingly, the entire ecosystem is on a rise. But what is the reason behind this dramatic growth? And what makes the present times the best for Indian startups and innovators? Let's explore! 

Dr Jitendra Singh, the Union Minister of State for Science & Technology, has said that the present time is the best for India's Startups, innovators and the scientific fraternity as a whole, because the government is providing an environment to showcase their potential. 

He delivered this message while giving the welcome address to all the Directors and Presidents of professional bodies under the Department of Science and Technology. The Minister praised the 16 research institutions in the DST family and the 3 specialised knowledge institutions and S&T service organisations for their contributions to the field of Science & Technology. He also discussed the role of AI's in developing quantum technology and their involvement in international programmes. 

The Minister highlighted the efforts of AIs in supporting Startups as well as grassroots innovators in emerging technologies.

Best time for India's StartUps, innovators and scientific fraternity

Dr Jitendra Singh has highlighted that India's StartUps, innovators and the scientific fraternity are witnessing the best time. The government led by PM Modi is providing them an enabling milieu to showcase the best of their potential, talents as well as their creative and innovative instincts. The government has been launching various initiatives and programs to foster innovation and entrepreneurship in the country, such as the Start-Up India program, which provides funding and mentorship to aspiring entrepreneurs. The Atal Innovation Mission is another initiative that aims to promote innovation and entrepreneurship among students, and the Council of Scientific and Industrial Research (CSIR) has been working to develop cutting-edge technologies and solutions for the benefit of society. With these initiatives and a favorable business environment, India's StartUps, innovators, and scientific community are poised for great success, and Dr. Jitendra Singh's statement is a testament to the government's commitment to supporting their growth and development.

Government's contribution to Science, Technology and Innovation

He further added that the government has provided unprecedented funding and resources to support research and development, particularly in emerging areas such as artificial intelligence, robotics, and biotechnology. In addition, various initiatives like the Atal Innovation Mission, Start-up India, and Make in India have helped in fostering an ecosystem that encourages innovation, entrepreneurship, and scientific research.

Dr Jitendra Singh also mentioned that under the leadership of Prime Minister Narendra Modi, India is rapidly progressing towards becoming a self-reliant nation in terms of Science & Technology, which will not only benefit the country but also the entire world.

Contributions of the research institutions

Dr Jitendra Singh praised the 16 research institutions in the DST family for their contributions to the field of Science & Technology. Some of these are among the oldest research institutions in the country, and some are repositories of very old and valuable scientific data. Most research institutions in the DST family are basic research institutions, and the only exceptions are SCTIMST-Trivandrum and ARCI-Hyderabad.

Specialised knowledge institutions and S&T service organisations

The Minister discussed the 3 specialised knowledge institutions and S&T service organisations – TIFAC, NECTAR and NIF – and their unique contributions to the field of Science & Technology.

Role of AIs in developing quantum technology

Dr Jitendra Singh talked about the role of AIs in developing quantum technology and their involvement in international programmes. He mentioned that AI’s have taken the lead in supporting Startups as well as Grassroots Innovators in emerging technologies.

Technical Research Centres

The Minister highlighted the efforts of Technical Research Centres in providing techno-legal-commercial and financial support to scientists, entrepreneurs, and business fraternity to achieve translation of research into products and processes for greater economic and societal benefits.

Dr Jitendra Singh highlighted the efforts of the government in creating an environment that is conducive to the growth of StartUps, innovators and the scientific fraternity. The Minister's emphasis on the contributions of research institutions, specialised knowledge institutions and S&T service organisations, and AIs in developing quantum technology is likely to inspire the scientific community to continue their work and contribute towards the country's growth.