India emerging as world's preferred startup destination: Jitendra Singh

New Delhi: Union Minister of State for Science & Technology, Jitendra Singh, said on Friday that India is emerging as the world's preferred startup destination due to its vast unexplored potential, coupled with ease of doing business and conducive regulatory environment facilitated by the government.

Speaking at the India First Tech Startup Conclave-2022 and Awards Summit here, Singh said the robust ecosystem of startups will play a critical role in ensuring that India achieves its goal of $5 trillion economy by 2025.

He said that due to various schemes, 10,000 startups got registered in India in 2021 alone, adding that India now has 50,000-plus startups providing more than 2 lakh jobs across the country.

The minister said that announcements of innovative new initiatives like digital rupee, digital banking units in 75 districts, digital university and startups linked to artificial intelligence, space technology and Drone Shakti are examples of digital push and innovative ecosystem that the government wants to promote.

He said that exemption of tax for startups up to 2024 and other incentives for domestic and export sectors will enable India to take a lead in startups in the world. Singh said, "The growth of investment opportunities in tech startups in sectors such as state services, healthcare, agriculture, financial services, education, retail, and logistics can generate a huge number of jobs and contribute to India's economy."