Startups will determine India's future economy: Union minister

New Delhi: Union Minister of State for Science and Technology Jitendra Singh, impressing the importance of startups in India, said they would determine India's future economy and that of the world, PTI reported.

Addressing an event organized by the PHD Chamber of Commerce and Industry On Thursday, the minister said that one of the Centre's major achievements was the boost from the startup movement. "Startups are going to determine India's future economy, which in turn is going to determine the world's future economy," he said.

He said, "In India, we started nurturing the startup ecosystem from 2016 onwards under the leadership of our Prime Minister, and today, we have risen to be the third-largest startup ecosystem in the world in just five-six years which is not a very big time."

Meanwhile, Union Minister of State for Commerce and Industry, Anupriya Patel, said that Indian startups are scripting history and have baffled the globe in a very short time. "Today, the new India is not looking for a secure future. It is ready to take risks, innovate and incubate. And this is why in around 2014, we had some 100, 200 to 400 startups, but today in a short span of time, this figure has risen to some 70,000 plus startups," she said.

"We have startups not just in the cosmopolitan cities, but more than 50 per cent of them are today to be found in tier 2 and tier 3 cities, and we have to expand this, and the government is leaving no stone unturned," Patel added.