India emerging as a Start-up nation, aspromoted by the NDA government at the centre can put the country asa major destination for the new entrepreneurs, Adhil Shetty, CEOand Co-Founder Bankbazaar.com has said.
In his reaction to the major impetus provided by the uniongovernment under Startup India programme initiated by theGovernment of India, he said this crates a huge ground and energyfor the entrepreneurial spirit of Indias youth.
If the vigor and the energy at the launch event today at VigyanBhawan in New Delhi were anything to go by, the programme more thanjustified its billing.
The yesterday’s event came through as a landmark convergence ofideas, insights, and decisions, with policymakers, entrepreneurs,and stakeholders across the length and breadth of Indias start-upecosystem congregating for the event, he said in a release today.
The Startup India policy aims to address two strategic concernsof the Government, difficulty of doing business driving successfulstart-ups out of India, and a compelling majority of start-upfunding currently coming from foreign Private Equity and VentureCapitalist entities.
He said start-ups in India have already altered the businesslandscape beyond recognition, both in economic terms as well as froma socio-psychological perspective. The numbers speak for themselves.
Home to more than 4,000 start-ups, India ranks third in thesheer number of businesses started.
More than half of the funding that has come in over the last fiveyears has come in the last year alone. Incubators and supportiveecosystems too have seen a surge in frequency and density. Inaddition, today it is no more socially self-limiting to be called anentrepreneur. Innovation, in fact, is being rewarded by society witha new sense of pride.
Mr Shetty cited ventures like Flipkart, Freshdesk, Practo, andBankBazaar have leveraged on these phenomena to deliver real-worldsolutions to issues that Indian consumers were grappling with nottoo long ago.
Interestingly, but perhaps unsurprisingly, the mood andexpectations of policy measures to be announced at the launch eventmatched the scale of the event itself. While the need for fasterpatent processes and start-up-friendly tax laws were a commonrefrain, there was also a palpable anticipation of the ennoblement ofpaperless financial services, which could truly democratize theaccess and consumption of such services, he said. UNI RS VV RSS1501