Boom time for startups in India: Union Minister Jitendra Singh says 300-fold growth in just 10 years

The Union Minister of State (Ind. Charge) Science and Technology credited this growth to Prime Minister Narendra Modi’s leadership, lauding the effort in diversifying job opportunities. He said it has encouraged the young people in the country to explore better and new avenues, PTI reported. The minister also praised the government’s initiatives in opening up the traditionally conservative space sector, leading to significant advancements like the successful Chandrayaan-3 mission that landed on the Moon and the Aditya L1 solar mission, which is now studying the Sun.

He said, “India has literally reached for the moon and beyond with the twin feats of Chandrayaan-3 and Aditya L1 solar mission in the last year alone.”

The minister noted the rapid increase in space startups since the sector’s privatization, indicating the success of PM’s forward-thinking decisions across various sectors such as space, roads, infrastructure, and electronics-communication.

He highlighted India’s economic progress, moving from the 11th to the 5th largest economy globally and poised to climb further. Singh projected India’s trajectory to become the 3rd largest economy during PM Modi’s third term and the top economy by 2047. “In less than ten years, we jumped to 5th position. Hopefully this year it will emerge as the 4th largest economy and during PM Modi’s 3rd term, India will be the world’s 3rd largest economy, marching on to become the no 1 economy by 2047,” Singh added.

Singh stressed the need for sustainability in India’s startup ecosystem and underscored the government’s focus on empowering the youth.