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HomeBusinessStartups will increase 10 times in Next 4-5 years: Rajeev Chandrasekhar

Startups will increase 10 times in Next 4-5 years: Rajeev Chandrasekhar

18 July 2023: 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 JITO Incubation Innovation Foundation (JIIF) 6th Foundation Day & Investors/Startup Conclave in Hyderabad.

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 PM Narendra Modi’s Skill India initiative.

“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.” the Minister further added.

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