Startup founders hail PM Modi's initiatives to boost ecosystem

New Delhi, May 20: India's startup ecosystem is thriving due to several initiatives launched by Prime Minister Narendra Modi in the last few years, like 'Startup India', amid conducive policies and budgetary reforms, startup founders said on Monday.

Reacting to Prime Minister Modi's interview with NDTV channel where he mentioned more than 1.25 lakh startups and over 100 unicorns that have given lakhs of jobs to youth, the founders said that initiatives like tax breaks and business simplification reforms by the government have supported an environment, in which new ideas flourish and business grows.

"Such measures have led to an increase in foreign direct investment and made it possible for new startups in areas such as electric vehicles (EVs) and solar batteries like ours to operate successfully and help contribute towards achieving sustainability in the country," V G Anil, CEO of Pune-based energy-tech startup ARENQ, told IANS.

The combined value of the Indian startup ecosystem in terms of valuation is estimated at over $450 billion, according to industry experts.

Karan Desai, Founder of Interface Ventures, said that this growth has been possible due to several key driving factors, such as a conducive environment for startups to grow and thrive in the country, encouraging the spirit of entrepreneurship and business within people at a fairly young stage, and others.

He noted that the government's efforts, such as the Startup India initiative, have contributed to the ecosystem's success.

According to Ankit Aggarwal, Founder and CEO of Delhi-based HRtech startup Unstop, the government has initiated about 217 incubation centres that have the approval of close to about Rs 841 crore.

"In the Atal Incubation Mission, we had close to about 3,500 startups that were incubated in about 72 Atal Incubation centres across India," Aggarwal told IANS.

He further added that every state will soon have multiple startups and unicorns with amazing business models and innovation, which will take on the world by surprise.

In the interview, PM Modi said these new emerging sectors like gaming and space have created a talent pool in the country, especially from small towns and cities.