Indian Startups

Key Highlights:

  • Indian Startups Quickly Approaching To Become Unicorns: PM Modi
  • His presentation focused on the industry’s three-pronged approach, which includes ideas, innovation, and industry.
  • The Government eMarketplace (GeM) portal was established to make it easier for startups to sell their products.

With a new unicorn being born in India every 7 to 8 days, Indian startups are becoming unicorns: said, PM Narendra Modi.

During launching the government’s ‘startup policy 2022’ in Madhya Pradesh, PM said since his government has formed the number of startups in India has grown to 70,000 from a mere 300 to 400.

Additionally, he said “since these 8 years, the startups of the country have drastically transformed. Before his government came to power, startup issues were rarely discussed. Currently, these issues are a major part of the discussion.

Considering the diversity of startups across India, he noted that more than half originate from Tier-2 and Tier-3 cities. More than 50 industries are represented by them, and they provide real-world solutions.

His presentation focused on the industry’s three-pronged approach, which includes ideas, innovation, and industry.

This strategy was divided into four parts: idea, innovation, incubation, and industry. According to him, the processes were strengthened and new institutions were created.

Startup India has launched seven years ago as a major step toward turning ideas into innovation and bringing them to market. He said that one year later, the Atal Innovation Mission was launched to create Atal Tinkering Labs in schools and incubation centres in higher education institutions.

These Tinkering Labs are located in more than 10000 schools and exceed 75 lakh students use them. He also said the National Education Policy promotes innovation.

Drone reforms will provide Indian startups with new opportunities, which he mentioned in the drone sector.

The Government eMarketplace (GeM) portal was established to make it easier for startups to sell their products. It is estimated that more than 13,000 Indian startups are registered on the GeM Portal and have transacted business worth INR 6,500 Cr on the portal.

He emphasized Digital India as one of the drivers for startups to develop and open up new markets in areas where they can play a major role.

He emphasized Digital India as one of the drivers for startups to develop and open up new markets in areas where they can play a major role.

Additionally, he noted that the government is pushing for increased investment in gaming, toys, and sports. According to Prime Minister Narendra Modi, more than 800 Indian startups are operating in the sports sector.

The PM held an interaction with several entrepreneurs of Madhya Pradesh on this occasion to gain an understanding of their startup stories.

In his discussion with Tanu Tejas Saraswat, founder of ShopKirana, an online store that organises Kirana stores, the PM inquired about his background, how many Kirana stores were connected to him, and why he chose Indore as the place to start his business.

The Series C funding round for B2B startup ShopKirana closed in January 2022 and raised about $40 Mn.

In 2015, Saraswat, Deepak Dhanotiya, and Sumit Ghorawat launched an online platform called ShopKirana, which connects retailers and suppliers.

In addition to Tauseef Ahmad Khan from Indore’s agritech startup Gramophone, PM Modi also met with other prominent figures. A company called Gramophone claims to be building an intelligent farming platform that allows farmers to purchase a wide range of agricultural inputs and implements, such as seeds, fertilizers, nutrients, pesticides, and other farming equipment.

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