Indian Startup industry to reach 10 trillion dollars by 2035: Prabhu

Indian Startup industry will reach 10 trillion dollars by 2035, said Shri Prabhu. Infrastructure is the area where India is growing fast.

“Startups are the new engines of growth for India. It will not only create real jobs but also would be socially and economically beneficial. Startups will emerge as the new area of investment interest for investors around the world”, stated Union Minister for Commerce and Industry and Civil Aviation Shri Suresh Prabhu in his keynote address at Startup India Global Venture Capital Summit in Goa today.

Shri Prabhu declared Goa as the permanent venue for the Annual Global Venture Capital Summit. The Summit will take place in Goa on the first Friday of December every year. Shri Rohan Khaunte, Minister for Information and Technology, Government of Goa, Shri Dharmendra Sharma, Chief Secretary, Government of Goa, Shri Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce were present on the occasion. 

Shri Suresh Prabhu further said that Goa is the right place for a summit like this. The idea of the summit is to discuss and deliberate on the opportunities in India for Startups. It is a new experience and we all will learn from this. India is a top investment destination in the world. Today we have 20 States having their Startup policy, of which 16 did after the Startup India initiative. Indian Startup industry will reach 10 trillion dollars by 2035, said Shri Prabhu. Infrastructure is the area where India is growing fast. So, there are lots of opportunities for investors, Shri Prabhu added. He further remarked  India is one country where almost everyone is an entrepreneur where 600 million farmers and retailers take an enormous risk, India is one country where phenomenal double-digit growth is guaranteed due to the conducive startup avenues, fragmented Indian agricultural holdings provides a great opportunity for Startups to bridge the productivity gap.

Shri Rohan Khaunte, Minister for Information Technology in his address said that Goa is truly honoured to host the Startup India Summit. It will feature opportunities to attract global capital to India. Our vision for Goa is to make a top Startup and IT destination in Asia by 2025. There is a massive thrust on facilitating entrepreneurship and enterprise to nurture growth and create value and jobs.

Shri Ramesh Abhishek, Secretary, DIPP in his address said that the improvement in Ease of Doing Business rankings have been possible because of the transformative measures were taken by the government, including many legislative and regulatory changes. In a first of its kind Summit, the government has tried to bring together all ecosystem players on one platform. Ease of Doing Business(EoDB) reforms like 

Relating to World Bank Doing Business Report,Ranking of states on EoDB, District level EoDB ranking, Regulatory reforms to support Startups, Easier regulations and lower tax rates for MSMEs, Faster environmental clearances (from 600 days to 140 days), Abolition of inter-state check-posts after GST, Enhanced input tax credits and electronic GST network, Creation of commercial courts to fast-track enforcement of contracts, Faster security clearance etc supports the startup ecosystem in the country

India improves its rank in BRICS countries from 5th (in 2010) to 3rd. In Construction Permits India ranks 52, in getting electricity India ranks at 24, India ranks at 84 in Trading Across Borders, In Paying Taxes India ranks at 121, Resolving Insolvency ranks at 108. 21 Regulatory changes have been made For Ease of Regulation for Startups. Till date, 14,497 Startups are recognised with the Government of India.

(With Inputs from PIB)