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India Inc lauds PM Modi's 'Start up India' call
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SME Times News Bureau | 17 Aug, 2015
The Prime Minister's resolve on
Saturday to encourage and fund start-ups to create jobs and promote the
spirit of entrepreneurship has evoked much interest from stakeholders
who feel it could well add hundreds of billions of rupees of fresh
output to the Indian economy.
Both the Federation of Indian
Chambers of Commerce (Ficci) and the Confederation of Indian Industry
(CII) said the potential and promise that the prime minister's resolve
on India's 69th Independence Day holds for creating wealth through
start-ups was immense.
"Creating a few million entrepreneurs
across the country will not only create many more million jobs but also
provide livelihood opportunities for the poor in remote corners of the
country," said Ficci president Jyotsna Suri.
The CII top brass felt this initiative will be one of the pillars of the future.
"The
parameter of employment in financial incentives to new manufacturing
units as stated by hon'ble prime minister in his Independence Day Speech
can be a game-changer for labour-intensive sectors like textiles,
leather, food processing and so on," said CII president Sumit Mazumder.
According
to Sandeep Aggarwal, founder and chief executive of Droom, a silicon
valley start-up which is now a virtual marketplace in India for
automobiles, Modi's start-up initiative has the potential to generate
additional wealth of $200 billion from digital economy and $300-500
billion from other industries.
"Government support and world
class infrastructure can help start-ups and entrepreneurs to blossom and
make India the locomotive of global GDP growth and help India to go
from 5 percent of global GDP currently to 20 percent in next 15 years,"
Aggarwal added.
During his I-Day speech, Modi said the country's
youth, notably the deprived, will be given opportunities and support to
become entrepreneurs in their own right. "In the coming days, start-ups
will be promoted in every corner of the country. Start up India, stand
up India," the prime minister said.
"All banks in our country
must contribute to a start-up revolution. Each of the 125,000 bank
branches must assist one Dalit or one tribal entrepreneur and one woman
entrepreneur. They must also become entrepreneurs in the future," he
said.
"You all see, in no time a network of start-ups will
mushroom in India. New entrepreneurs and enterprises will be created.
They will give jobs to one, two, three or four people, bringing
considerable change to India's economy," he added.
"For our country's future, the new mantra should be: 'Start-up India, Stand-up India'."
Even
at the launch of "Digital India" week on July 1, Modi had said India's
youth needed support for starting new enterprises and his government was
committed towards helping start-ups.
"In the world today, in the
area of start-ups, the presence of Indian youth is very large. In the
coming years, India will be ranked second after the United States, in
start-ups. But his needs encouragement," he had said at the event.
A
study released by Assocham earlier this month has predicted a score of
dollar billionaires and several new millionaires to rise n India by 2020
with a boom in the area of start-ups, notably in digital domain,
e-commerce and financial services.
"India will be among the top
among the Asian start-ups along with the Chinese and the South East
countries. However, the structural problems in China are likely to
create road blocks for the start-ups there. No such issue confronts the
Indian start-ups," the study said.
At the same time, the study
added, even as the markets watchdog, the Securities and Exchange Board
of India (SEBI), is putting a friendly regime in place for start-ups to
raise funds from the bourses, it would take some time before financing
is available from this channel.
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As on 13 Aug, 2022 |
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