Indian startups: Amit Shah urges industries to support start-ups, says country is adding unicorns fast

Union, Home and Cooperation Minister Amit Shah urged industries to give their full support to India’s startup ecosystem, which has come a long way since 2014 when the country only had one rhino.

Shah said at the 3rd edition of the ‘Sankalp Se Siddhi’ conference in Bengaluru, which was jointly organized by the Ministry of Culture and the Confederation of India of Industry (CII).

He said a slew of reform initiatives had pushed India to 43rd place on the Global Competitiveness Index from 71st place in 2014-2015.

He added that between 2014 and 2021, foreign direct investment came to India worth $440 billion. “We have become the seventh preferred investment destination in the world. We were 142nd in the ease of doing business rankings in 2014 — and today we’re 63.”

Focus on research and development

Shah urged industries to prioritize research and development efforts to achieve scale. “India industry should not think of increasing its speed but of changing its size and if the size is to be changed, then the impetus must be given to research and development.”

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Young people of India are the best brains for R&D and CII should make efforts to do R&D in India, he said, calling for efforts to know that nothing in the production chain, from raw materials to finished goods, is manufactured outside India.

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