Modi accuses previous governments of failing to capitalize on the IT revolution and claims start-ups exploded after 2014

Modi accuses previous governments of failing to capitalize on the IT revolution and claims start-ups exploded after 2014

Prime Minister Narendra Modi stated on Friday that the Information Technology revolution could not have been realized sooner since the youth were not encouraged and an entire decade was wasted owing to scams and policy gridlock under previous Congress governments. Because of his government’s well-thought-out approach, the number of start-ups in India went from 300-400 in 2014 to 70,000 in eight years, and today a unicorn is born every eight or ten days, with a valuation of more than Rs 7,000 crore, he claimed. After presenting the Madhya Pradesh government’s new start-up policy and action plan, the prime minister was essentially addressing budding entrepreneurs. “When our government came in 2014, the number of start-ups in the country was 300 to 400, and the talk about start-ups was confined only to industry corridors. But in a span of eight years, today there are 70,000 recognised start-ups in the country, and we have become the world’s third largest start-up ecosystem,” he said.

Start-ups have grown in small cities and towns too, and are associated with more than 50 industries, Modi said, adding that new enterprises are coming up in agriculture, retail business and health sector. Over 13,000 start-ups have been registered on the government’s GEM portal and these new enterprises have done a business of Rs 6,500 crore through the portal, he said. The prime minister appealed to entrepreneurs to encash opportunities in the areas of toy-making, mobile gaming, space technology, green energy, climate change, tourism and sports. Under the new start-up policy of the Madhya Pradesh government, entrepreneurs will get a subsidy for rent for the workplace, employees’ salaries, product patent and also a quota for their products in government purchases, an official said.

”The youth of the country always have the will to find solutions to problems through innovative ideas, and we have experienced this even in the initial phase of the IT revolution. It was unfortunate that in that period our youth were not given the desired support and encouragement,” Modi added. The atmosphere created during the IT revolution (in the 1990s) needed to be given the right direction, but it did not happen, he said. “We had seen that an entire decade got wasted in big scams, policy paralysis and nepotism, because of which the dreams of an entire generation got shattered. The youth of that period too had innovative ideas. But those ideas remained unimplemented because of the lack of proper government policies,” the prime minister said. Because of his government’s policy-based encouragement, the development of basic infrastructure and easy government procedures, there is a change in the mindset of the youth, and start-ups have become a part of daily conversation and a powerful medium to fulfil their dreams, he said.

The prime minister also launched the Madhya Pradesh government’s new portal for start-ups. Modi also interacted with some start-up entrepreneurs and asked them about their work. Chief Minister Shivraj Singh Chouhan disbursed financial assistance to four entrepreneurs on this occasion to kickstart the implementation of the new start-up action plan. To address various problems of the state, a “start-up innovation challenge” will be launched under which entrepreneurs will be given a subsidy of up to Rs one crore, he said. Start-ups in the state have attracted a total investment of Rs 700 crore from January 26 till now, he informed.

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