Indian Startups Have Generated 6 Lakh Jobs: President Kovind

Hailing the Indian startup ecosystem, President Ram Nath Kovind, on January 31, said that the startups helped create 6 lakh job opportunities in the country.

Addressing a joint sitting of both houses of the Parliament, President Kovind said,”Our startup industry is also an example of the infinite new possibilities that are rapidly taking shape under the leadership of our youth.” 

He also added that, “Since 2016, 60,000 new startups have been established in 56 different sectors in our country. More than six lakh jobs have been created by these startups.”

Earlier in December last year, Centre had informed the Parliament that over 1.92 Lakh jobs were created by Indian startups in 2021 itself.

Applauding the entrepreneurs, President Kovind said that “more than 40 unicorns emerged in the country in 2021, each with a minimum market valuation of INR 7,400 Cr.” 

An Inc42 analysis found that 2021 was a trailblazing year for the Indian startup economy. homegrown startups raised close to $42 Bn in 1,584 deals last year.The funding raised last year was greater than total funding raised by startups in the previous three years ($42 Bn compared to $37 Bn). 

The country also churned out as many as 42 unicorns during the course of 12 months and two publicly listed companies crossed $1 Bn in market capital including – IndiaMart and Nazara Games. At this rate, India’s unicorn club is expected to have 125+ unicorns by the end of 2022.

President Kovind also urged the entrepreneurs to take advantage of the country’s deep internet and smartphone penetration. This, He said, had “hugely benefited the younger generation.”

In a big statement, President Kovind said that India was also working at a great pace on 5G mobile connectivity. He added that the move will open new doors and opportunities for the country’s youngsters.

“India’s efforts on semiconductors will significantly benefit our startup ecosystem. The government has taken many policy decisions and opened up several new sectors so that our youth can benefit from rapidly changing technology,” the President also noted.

This statement holds significance amid Centre’s renewed push to make India a hub of semiconductor manufacturing. In December last year, the government approved plans, totalling $30 Bn, for the development of semiconductors and display manufacturing ecosystem in India.

Semiconductors are the backbone of electronic devices from computing to defense and from  transportation to clean energy. 

So far, India has only a handful of semiconductor manufacturing facilities which include SCL Mohali; GAETEC Hyderabad and SITAR Bengaluru. 

The U.S. continues to lead the sector with 50% global market share, worth $208 Bn in 2020, China comes in a distant second with a 9% market share valued at about $40 Bn in annual sales.

In his speech, the President also said that the Government has simplified and accelerated the procedures related to patents and trademarks. This, the President said, was done under the ‘Startups Intellectual Property Protection Programme.’

He further informed the both Houses of the Parliament that “nearly 6,000 patents and more than 20,000 trademarks have been applied for in this financial year itself.”

President Kovind also underscored the importance of Indian startups in the defence sector, saying that the government was committed towards promoting startups in the defence sector. He also said that defence requirements of India should be indigenously developed and manufactured.

All in all, there seems to be a slew of incentives for entrepreneurs in this day and age. Along with that, the President of the country hailing the startup ecosystem sends  a positive signal to the masses. With a bumper 2021, startups appear poised to break new ground in 2022 as well.