The Skill India Mission has been a cornerstone policy in the Indian government’s digitisation efforts and the subsequent technological revolution across the economy, particularly in the startup ecosystem. The government is now celebrating four years of Skill India Mission coinciding with the World Youth Skills Day, and has announced that 1 Cr youth are being enrolled under the initiative on a yearly basis.
OPINION : 16/07/2019 : 1859.
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Sub :The Skill India Mission has been a cornerstone policy in the Indian government’s digitisation efforts and the subsequent technological revolution across the economy, particularly in the startup ecosystem. The government is now celebrating four years of Skill India Mission coinciding with the World Youth Skills Day, and has announced that 1 Cr youth are being enrolled under the initiative on a yearly basis.
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Ref : World Youth Skills Day: Over 75 Lakh People Upskilled Under Skill India Mission : 16 Jul, 2019 : INC42 : PMINDIA.
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Team Inc42 :
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*Skill India has set up 15 training centres with UrbanClap, which is part of the PM Kaushal Vikas Yojana;
*Over 271 Jan Shikshan Sansthan centres established in 27 states and 2 union territories;
*Skill India has resulted in over 2,138 public sector and 24K private sector jobs.
The Skill India Mission has been a cornerstone policy in the Indian government’s digitisation efforts and the subsequent technological revolution across the economy, particularly in the startup ecosystem. The government is now celebrating four years of Skill India Mission coinciding with the World Youth Skills Day, and has announced that 1 Cr youth are being enrolled under the initiative on a yearly basis.
Till now, 67 lakh people have been trained, while 25K PM Kaushal Kendras have been setup across the country. Thanks to Skill India, 4.45 Lakh trainees have been given apprenticeship training every year, according to the government’s announcement today (July 15) on the occasion of World Youth Skills Day.
Hyperlocal startup UrbanClap is partnering with National Skill Development Corporation (NSDC) under Skill India to set up training centres, where service professionals will be trained in various skills and also be given work opportunities. UrbanClap will be a key strategic partner under the Skill India Mission, according to the company.
Skill India has set up 15 training centres with UrbanClap, which is part of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY). Over 10 lakh youth are expected to be trained under this partnership, said union minister for skill development and entrepreneurship, Mahendra Nath Pandey.
*Skill India Milestones On World Youth Skills Day :
R.K Singh, minister of state, power, new and renewable energy, and minister of state, skills and entrepreneurship development said the employability factor for Skill India graduates has reached 50%. “We have upskilled over 75 lakh people. The number of ITIs have increased from 9.6K in 2014 to 14.9K today,” he added.
NSDC will support UrbanClap to become a 100 % Skill India certified organization under RPL (Recognition of Prior Learning) component of the PMKVY. UrbanClap will also create micro-entrepreneurship opportunities for candidates already certified under PMKVY 2.0 and additionally train 30K new partners. Currently, with over 20K partners UrbanClap services close to a million customers every month across 10 cities in India.
At today’s Skill India Mission event, the government announced that it has added 271 Jan Shikshan Sansthan centres for skill training across 27 states and 2 union territories. These centres have enabled the training of over 8 Lakh students in skills such as soft toy creation, baking, tailoring and other vocations.
This has resulted in the creation of over 2,138 public sector jobs and over 24K private sector jobs including 116K entrepreneurs, 37K labours, and 9K craftsmen.
From this year, the Skill India Mission will focus on skilling for unorganised sectors. Most notably, the government is working with startups to fulfil skill-based training for potential employees in the private sector.
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NOTE : 1.Announcing Bigshift — Inc42 & Digitalocean Join Hands To Empower India’s Tier 2 Startup Hubs
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*BIGShift is an initiative to enable, engage and empower India’s Tier 2 startups;
*It will be hosted in six Indian Tier 2 cities — Chandigarh, Nagpur, Indore, Ahmedabad, Vizag and Kochi;
*5 startups from each city will get a chance to pitch in front of the ecosystem enablers and enter the DigitalOcean Hatch Program.
Ever since the Inc42 website revamp last year, our mission was to bring exciting and experiential events and properties for the startup ecosystem — it has become our mantra! We’re on a 24×7 mission to bring you the facts, data, analysis, events and the best stories from the Indian startup ecosystem.
In doing so we’ve seen the world of startups through a magnifying glass and understood the trends as well as the opportunity in hitherto untapped areas, even as the ecosystem burgeoned.
Within ten years, the number of startups have gone from 7K to an impressive 49K+, with over $48.59 Bn poured in as funding over the last five years (2014-Q1 2019), and brands such as Flipkart, Zomato, OYO and Ola have become household names thanks to their success stories.\
*"India is not just the cynosure of the global startup eye. It is indeed the hottest, budding ground for business opportunities across sectors."
Where once, cities such as the Silicon Valley of the country— Bengaluru, the maximum city— Mumbai and the capital itself — Delhi, took the cake for having the most innovative startups, Tier 2 cities are growing unlike ever before.
According to a report, 20% of the total startups in India are based in Tier 2 and 3 cities. Today there are over 5,800 startups in Tier 2 cities. And if this is not enough to raise the curiosity of the world, the total funding for these Tier 2 startups in the last five years alone is $1.3 Bn (2014-Q1 2019), according to DataLabs by Inc42.
Startups in India’s smaller cities and towns have become a juggernaut of innovation in the country amassing a large amount of funding going to startups each year. Among the successful startups, the likes of Appointy in Bhopal, DeHaat in Patna, CarDekho in Jaipur are some that have made the biggest impact.
While the trickle-down-effect has been one of the core reasons for Tier 2 cities developing into startup hubs. The local ecosystem enablers have given these businesses the much-needed impetus by way of incubator and accelerator support, funding, infrastructure such as fast internet, transport, and legal support. Government-enabled ‘startup policies,’ state-funded incubators and various other schemes have all played a crucial role in propelling the fledgling startup ecosystems in India’s Tier 2 cities.
So, the big question is what exactly is going on in the Tier 2 ecosystem in India? BIGShift will not only familiarise the startup ecosystem with their counterparts in Tier 2 cities, but it will also empower the entrepreneurs and businesses in Tier 2 cities by giving them a platform to showcase their products, propositions and services, besides allowing them to spread their business network by connecting them with the ecosystem stakeholders.
According to a report, 20% of the total startups in India are based in Tier 2 and 3 cities. Today there are over 5,800 startups in Tier 2 cities. And if this is not enough to raise the curiosity of the world, the total funding for these Tier 2 startups in the last five years alone is $1.3 Bn (2014-Q1 2019), according to DataLabs by Inc42.
Startups in India’s smaller cities and towns have become a juggernaut of innovation in the country amassing a large amount of funding going to startups each year. Among the successful startups, the likes of Appointy in Bhopal, DeHaat in Patna, CarDekho in Jaipur are some that have made the biggest impact.
While the trickle-down-effect has been one of the core reasons for Tier 2 cities developing into startup hubs. The local ecosystem enablers have given these businesses the much-needed impetus by way of incubator and accelerator support, funding, infrastructure such as fast internet, transport, and legal support. Government-enabled ‘startup policies,’ state-funded incubators and various other schemes have all played a crucial role in propelling the fledgling startup ecosystems in India’s Tier 2 cities.
So, the big question is what exactly is going on in the Tier 2 ecosystem in India? BIGShift will not only familiarise the startup ecosystem with their counterparts in Tier 2 cities, but it will also empower the entrepreneurs and businesses in Tier 2 cities by giving them a platform to showcase their products, propositions and services, besides allowing them to spread their business network by connecting them with the ecosystem stakeholders.
*BIG-Shift 2019 :
BIGShift is an Inc42 initiative in association with Digital Ocean, to enable, engage and empower India’s Tier 2 startups. After being received with aplomb in its first edition, which connected over 400+ startups and investors from Tier 2 and 3 cities in 2017, BIGShift is back and this time we are travelling to six Indian Tier 2 cities. The idea is to celebrate, discover, connect the local startup ecosystem in India’s emerging Tier 2 startup hubs while empowering them through much-needed support.
What Would Attendees Get? :
*The opportunity to connect with prominent players in the local startup ecosystem
*Learn from experts through sessions
*Connect and learn from fellow hustlers in the ecosystem
*Networking and partnership opportunities
*Get access to exclusive credits and mentorship from DigitalOcean
*Connect and engage with the Inc42 & DigitalOcean teams
The evenings at BIGShift will be free-flowing over a 3-4 hour duration. Over the course of the evening, there will be dedicated sessions, keynotes, a panel discussion which will be followed by the highlight of each evening — the BIGShift Pitch.
*Learn from experts through sessions
*Connect and learn from fellow hustlers in the ecosystem
*Networking and partnership opportunities
*Get access to exclusive credits and mentorship from DigitalOcean
*Connect and engage with the Inc42 & DigitalOcean teams
The evenings at BIGShift will be free-flowing over a 3-4 hour duration. Over the course of the evening, there will be dedicated sessions, keynotes, a panel discussion which will be followed by the highlight of each evening — the BIGShift Pitch.
The BIGShift Pitch :
BIGShift will also serve as a launchpad for five startups in each city. These startups will be offered the opportunity to showcase their business plans as well as products/services in front of stalwarts from the local startup community present at the event in the session — The BIGShift Pitch.
These startups will be shortlisted after a rigorous process of evaluation on parameters such as proof of concept, traction, funding, etc.
These startups will be shortlisted after a rigorous process of evaluation on parameters such as proof of concept, traction, funding, etc.
Eligibility Criteria :
*Your startup has been operational for at least 1-year but less than 5 years.
*Your startup has not raised more than $1 Mn in funding.
*Your startup must be registered in India or founded in India and has operations in India.
*Your startup has not raised more than $1 Mn in funding.
*Your startup must be registered in India or founded in India and has operations in India.
The Benefits :
*The opportunity to exhibit your startup and showcase products/services in front of people who matter.
*Get discovered by the local startup ecosystem.
*The top 5 startups in each city who make it to the BIGShift pitch will get a direct entry into DigitalOcean’s global startup program ‘Hatch’ that provides a host of exclusive benefits including a year’s worth of infrastructure credits, technical mentorship and access to a curated set of networking events.
*Top 6 startups throughout the series will be featured on Inc42.
*3 startups will get free access to Inc42’s flagship conference — The Ecosystem Summit in November’19.
When we started more than five years ago, our mission was crystal clear — to be the authority on the Indian startup ecosystem, not just by our coverage, but also our ability to empower different facets of the ecosystem. We do this by bringing them together through our marquee, tailor-made events. With BIGShift we’re doing exactly that and bringing the local startups in India’s Tier 2 and 3 cities comprising founders, influencers, investors, government officials and ecosystem enablers to engage, network and collaborate and set the agenda for the next wave of tier startups in the country.
BIGShift is all set to kickstart and is coming to the city of Chandigarh on July 19 with the first edition. Apply now to grab your spots!\
The BIGShift editions for Chandigarh, Indore and Ahmedabad are being supported by Dineout. BIGShift Vizag is being supported by Andhra Pradesh Innovation Society.
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*Get discovered by the local startup ecosystem.
*The top 5 startups in each city who make it to the BIGShift pitch will get a direct entry into DigitalOcean’s global startup program ‘Hatch’ that provides a host of exclusive benefits including a year’s worth of infrastructure credits, technical mentorship and access to a curated set of networking events.
*Top 6 startups throughout the series will be featured on Inc42.
*3 startups will get free access to Inc42’s flagship conference — The Ecosystem Summit in November’19.
When we started more than five years ago, our mission was crystal clear — to be the authority on the Indian startup ecosystem, not just by our coverage, but also our ability to empower different facets of the ecosystem. We do this by bringing them together through our marquee, tailor-made events. With BIGShift we’re doing exactly that and bringing the local startups in India’s Tier 2 and 3 cities comprising founders, influencers, investors, government officials and ecosystem enablers to engage, network and collaborate and set the agenda for the next wave of tier startups in the country.
BIGShift is all set to kickstart and is coming to the city of Chandigarh on July 19 with the first edition. Apply now to grab your spots!\
The BIGShift editions for Chandigarh, Indore and Ahmedabad are being supported by Dineout. BIGShift Vizag is being supported by Andhra Pradesh Innovation Society.
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NOTE : 2. Indian-Americans thrilled over PM Modi’s possible community address in Houston - 16 Jul, 2019 : PTI : The Hindu : PMINDIA
Houston, which has one of the largest concentration of the Indian-American community in the US, is the energy capital of the world. Energy security is a priority area for the prime minister.
The Indian diaspora in Houston are thrilled over reports that Prime Minister Narendra Modi could visit America’s energy capital to address them during his planned trip to the US to attend the annual United Nations General Assembly meeting in September.
Community leaders said the dates for the prime minister’s address has not been finalised yet, but they have been asked to make preparations for a potential address of Mr. Modi in Houston on September 22.
Houston, which has one of the largest concentration of the Indian-American community in the US, is the energy capital of the world. Energy security is a priority area for the prime minister.
This could be Mr. Modi’s third major address to the Indian-American community after he became the prime minister in 2014 and the first after his re-election in May.
The previous two being at the Madison Square Garden in New York in 2014 and theSilicon Valley in 2016. Both the events were attended by more than 20,000 people.
Prime Minister Modi’s possible visit to Houston and New York in the last week of September has already got Indian Americans into discussions and excitement mode about his arrival.
Indian-American community leaders in Houston said that “this visit was long-awaited since Modi’s first address in New York in 2014 and later in California in 2016.”
“The Indian diaspora is thrilled and counting the days for Modi’s visit to Houston. We are enthusiastically preparing, one of the most memorable programmes to welcome him,” said the members of Overseas Friends of BJP (OFBJP).
Prime Minister Modi is expected to address the Indian diaspora on September 22, at the NRG Stadium, which has a seating capacity of 45,000 people, the Indian community leaders said.
Prime Minister Modi is likely to attend the UNGA session in New York between September 20-23 and will take a day off from his schedule to visit Houston on September 21-22, they said.
“As it is very early in the stage, no other plans are yet finalised,” a community leader said.
Regarding Mr. Modi’s trip to Houston, Mayor Sylvestor Turner, who took a trade delegation to India in November last, told PTI, I look forward with excitement to Prime Minister Modi’s visit as this historic visit will strengthen the already robust bonds between Houston and India on trade, culture, tourism and more.”
“As one of the most international cities in the world, Houston hosts one of the biggest and most vibrant Indian communities in the US. This is one of the many growing connections I discussed with Vice President Venkaiah Naidu and some national government ministers during my trade mission to New Delhi and Mumbai,” Turner said.
The Indo-American Chamber of Commerce of Greater Houston (IACCGH) said Prime Minister Modi’s planned visit will not only strengthen the economic ties between the two countries but also encourage more investment in India.
IACCGH Founding Secretary Jagdip Ahluwalia said Texas accounts for 15 per cent of the US global trade while Houston-India trade stands at $ 6.6 billion.
“With a catchment area of over 400,000 Indo-Americans, Houston, the energy capital of the world, and home to the worlds largest medical centre and NASA Johnson Space Centre, we hope the prime minister during his visit will announce a non-stop flight from Houston to Delhi,” Mr. Ahluwalia said.
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The Indian diaspora in Houston are thrilled over reports that Prime Minister Narendra Modi could visit America’s energy capital to address them during his planned trip to the US to attend the annual United Nations General Assembly meeting in September.
Community leaders said the dates for the prime minister’s address has not been finalised yet, but they have been asked to make preparations for a potential address of Mr. Modi in Houston on September 22.
Houston, which has one of the largest concentration of the Indian-American community in the US, is the energy capital of the world. Energy security is a priority area for the prime minister.
This could be Mr. Modi’s third major address to the Indian-American community after he became the prime minister in 2014 and the first after his re-election in May.
The previous two being at the Madison Square Garden in New York in 2014 and theSilicon Valley in 2016. Both the events were attended by more than 20,000 people.
Prime Minister Modi’s possible visit to Houston and New York in the last week of September has already got Indian Americans into discussions and excitement mode about his arrival.
Indian-American community leaders in Houston said that “this visit was long-awaited since Modi’s first address in New York in 2014 and later in California in 2016.”
“The Indian diaspora is thrilled and counting the days for Modi’s visit to Houston. We are enthusiastically preparing, one of the most memorable programmes to welcome him,” said the members of Overseas Friends of BJP (OFBJP).
Prime Minister Modi is expected to address the Indian diaspora on September 22, at the NRG Stadium, which has a seating capacity of 45,000 people, the Indian community leaders said.
Prime Minister Modi is likely to attend the UNGA session in New York between September 20-23 and will take a day off from his schedule to visit Houston on September 21-22, they said.
“As it is very early in the stage, no other plans are yet finalised,” a community leader said.
Regarding Mr. Modi’s trip to Houston, Mayor Sylvestor Turner, who took a trade delegation to India in November last, told PTI, I look forward with excitement to Prime Minister Modi’s visit as this historic visit will strengthen the already robust bonds between Houston and India on trade, culture, tourism and more.”
“As one of the most international cities in the world, Houston hosts one of the biggest and most vibrant Indian communities in the US. This is one of the many growing connections I discussed with Vice President Venkaiah Naidu and some national government ministers during my trade mission to New Delhi and Mumbai,” Turner said.
The Indo-American Chamber of Commerce of Greater Houston (IACCGH) said Prime Minister Modi’s planned visit will not only strengthen the economic ties between the two countries but also encourage more investment in India.
IACCGH Founding Secretary Jagdip Ahluwalia said Texas accounts for 15 per cent of the US global trade while Houston-India trade stands at $ 6.6 billion.
“With a catchment area of over 400,000 Indo-Americans, Houston, the energy capital of the world, and home to the worlds largest medical centre and NASA Johnson Space Centre, we hope the prime minister during his visit will announce a non-stop flight from Houston to Delhi,” Mr. Ahluwalia said.
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OPINION : The Indian Startup Ecosystem Lays Its Expectations At Re-Elected NDA Government’s Doors : Meha Agarwal : INC42 : PMINDIA
*As announced in its manifesto, Modi 2.0 to create a INR 20,000 Cr Seed Fund
*The govt has also promised to form AI R&D Centre to boost ML and AI in the country
*Narendra Modi-led BJP outstand in the General Elections 2019 and is re-elected with full majority
*The Indian startup ecosystem is relying on Modi’s startup and tech-oriented manifesto
*The startups are expecting increased ease of doing business, the rise of fintech and more
“India has once again given a clear mandate instead of a fractured one. It should bear fruit for us in the coming years”. This statement from Siddhartha Gupta, CEO Mercer|Mettl, clearly underlines the optimism, trust and confidence in the re-elected NDA government from the Indian startup ecosystem.
Rahul Gandhi-led Congress party’s election manifesto — ‘We Will Deliver’ — failed on the D-day of General Elections 2019 as the BJP-led NDA achieved a thumping win. The Congress-led UPA’s promise of creating 34 Lakh jobs in the public sector and giving INR 72K yearly to lower income group could not stand against BJP’s strong startup and tech-oriented manifesto.
Launching its election manifesto on April 8, the Narendra Modi-led NDA government promised an investment of INR 100 Lakh Cr ($14.36 Bn) in the infrastructure sector during the next five years along with facilitating the establishment of 50K new startups by 2024. It further envisioned establishing India as a hub of financial services, as well as exploring ways to utilise deeptech for developing the agricultural sector.
Anupam Jalote, CEO of International Centre for Entrepreneurship and Technology (iCreate) excitingly said, “We are confident that with the visionary leadership coming back into power, India will stand tall in the world of deeptech innovation in areas like energy storage, energy efficiency, early disease detection, water and agritech, to name a few.”
Arpit Agarwal, principal at Blume Ventures further highlighted that the first term of the Modi-led NDA government saw a range of positive initiatives such as Startup India and closer interactions between industry bodies such as Department of Industrial Policy and Promotion (DIPP) and Indian Venture Capital Association (IVCA).
Like Agarwal, Harsh Shah, cofounder, Fynd believes that having Modi as a PM improves India’s growth prospects and funding opportunities from both local and foreign investors.
“The next five years should see faster acceleration and hopefully more concrete implementation of these continued policies, plus additional programs to improve India’s standing in the startup world (e.g. improved ease of business, more favourable tax and IP regimes, and so on),” Agarwal added.
While the re-elected NDA government is now busy celebrating its victory, let’s have a look back at major achievements of this government in its first term, as well as expectations of the Indian startup ecosystem from NDA 2.0 and the road ahead.
*The govt has also promised to form AI R&D Centre to boost ML and AI in the country
*Narendra Modi-led BJP outstand in the General Elections 2019 and is re-elected with full majority
*The Indian startup ecosystem is relying on Modi’s startup and tech-oriented manifesto
*The startups are expecting increased ease of doing business, the rise of fintech and more
“India has once again given a clear mandate instead of a fractured one. It should bear fruit for us in the coming years”. This statement from Siddhartha Gupta, CEO Mercer|Mettl, clearly underlines the optimism, trust and confidence in the re-elected NDA government from the Indian startup ecosystem.
Rahul Gandhi-led Congress party’s election manifesto — ‘We Will Deliver’ — failed on the D-day of General Elections 2019 as the BJP-led NDA achieved a thumping win. The Congress-led UPA’s promise of creating 34 Lakh jobs in the public sector and giving INR 72K yearly to lower income group could not stand against BJP’s strong startup and tech-oriented manifesto.
Launching its election manifesto on April 8, the Narendra Modi-led NDA government promised an investment of INR 100 Lakh Cr ($14.36 Bn) in the infrastructure sector during the next five years along with facilitating the establishment of 50K new startups by 2024. It further envisioned establishing India as a hub of financial services, as well as exploring ways to utilise deeptech for developing the agricultural sector.
Anupam Jalote, CEO of International Centre for Entrepreneurship and Technology (iCreate) excitingly said, “We are confident that with the visionary leadership coming back into power, India will stand tall in the world of deeptech innovation in areas like energy storage, energy efficiency, early disease detection, water and agritech, to name a few.”
Arpit Agarwal, principal at Blume Ventures further highlighted that the first term of the Modi-led NDA government saw a range of positive initiatives such as Startup India and closer interactions between industry bodies such as Department of Industrial Policy and Promotion (DIPP) and Indian Venture Capital Association (IVCA).
Like Agarwal, Harsh Shah, cofounder, Fynd believes that having Modi as a PM improves India’s growth prospects and funding opportunities from both local and foreign investors.
“The next five years should see faster acceleration and hopefully more concrete implementation of these continued policies, plus additional programs to improve India’s standing in the startup world (e.g. improved ease of business, more favourable tax and IP regimes, and so on),” Agarwal added.
While the re-elected NDA government is now busy celebrating its victory, let’s have a look back at major achievements of this government in its first term, as well as expectations of the Indian startup ecosystem from NDA 2.0 and the road ahead.
The Last Five Years
“The Modi Government is Pro-Technology, Pro-Innovation, Pro-Startup and Pro-Youth.”
According to Login Radius cofounder and CEO Rakesh Soni, the NDA government have demonstrated this by taking appropriate policy measures, allocating significant startup funding and promoting the startup culture.
In the last five years, the government’s initiatives have led to key financial and corporate milestones for the country. As Pankit Desai, cofounder and CEO, Sequretek said, “This govt has had 5 years already where they must have gained some insights and learnings about how to help startups flourish more.”
Prem Rajani, Managing Partner, Rajani Associates shares that the introduction of the Insolvency and Bankruptcy Code (IBC), the establishment of the Real Estate Regulatory Authority (RERA), REITs and InvITs, the huge impetus towards Foreign Direct Investment (FDI) in India, policies and reforms for startups, revising the Indian ecommerce policies, among many other moves, has enabled the country to jump to a higher global economic standing.
“This government has had a very strong focus on Digital India and Fintech, and we are happy that they will continue to do so. A lot of programs were initiated towards digitisation of the country and increasing access to fintech last year,” Harshil Mathur, CEO and cofounder, Razorpay said.
With several policies in place to make it easier for entrepreneurs in the Indian startup ecosystem to launch new businesses and create jobs, numerous startups forayed into the various unexplored sectors and have given a new shape to the economy of India.
Saahil Goel, CEO and cofounder, Shiprocket further added that the last 5 years were about structural reforms and the MSME segment went through a tough phase with the introduction of GST and demonetisation. However, the credit crunch has been somewhat eased and loans are now readily available for MSMEs which has once again created a conducive environment for growth.
“NDA-I had worked to address many fundamentals of the economy and business environment – introducing GST and rationalising rate structures, demonetisation, ease of doing business amongst other matters,” added Sameer Vakil, cofounder and CEO, GlobalLinker.
Expectations From NDA 2.0 In The Next Five Years
Ajay Adiseshann, Founder and CEO of PayMate suggests that startups are making a positive contribution to employment and over the next 10 years can potentially be one of the largest employers of both blue and white collar workers.
As a Snapdeal spokesperson said, this decisive mandate for the re-elected NDA government will allow undivided attention to national priorities like boosting employment and creating more enterprises across the country. In its second term, the NDA government has once again shown its inclination towards supporting the Indian startup ecosystem enablers and the technological workforce.
In order to accomplish these promises at an accelerating pace, there are a few critical areas that the re-elected NDA government would need to focus on, especially making the early stage as well as growth capital more easily accessible to startups.
“Our people have the mental calibre to rival Israel and the US in tech innovation. But funding needs to be made available to innovators even outside the ambit of established research and academic organisations,” added Jalote.
In the last five years, the government’s initiatives have led to key financial and corporate milestones for the country. As Pankit Desai, cofounder and CEO, Sequretek said, “This govt has had 5 years already where they must have gained some insights and learnings about how to help startups flourish more.”
Prem Rajani, Managing Partner, Rajani Associates shares that the introduction of the Insolvency and Bankruptcy Code (IBC), the establishment of the Real Estate Regulatory Authority (RERA), REITs and InvITs, the huge impetus towards Foreign Direct Investment (FDI) in India, policies and reforms for startups, revising the Indian ecommerce policies, among many other moves, has enabled the country to jump to a higher global economic standing.
“This government has had a very strong focus on Digital India and Fintech, and we are happy that they will continue to do so. A lot of programs were initiated towards digitisation of the country and increasing access to fintech last year,” Harshil Mathur, CEO and cofounder, Razorpay said.
With several policies in place to make it easier for entrepreneurs in the Indian startup ecosystem to launch new businesses and create jobs, numerous startups forayed into the various unexplored sectors and have given a new shape to the economy of India.
Saahil Goel, CEO and cofounder, Shiprocket further added that the last 5 years were about structural reforms and the MSME segment went through a tough phase with the introduction of GST and demonetisation. However, the credit crunch has been somewhat eased and loans are now readily available for MSMEs which has once again created a conducive environment for growth.
“NDA-I had worked to address many fundamentals of the economy and business environment – introducing GST and rationalising rate structures, demonetisation, ease of doing business amongst other matters,” added Sameer Vakil, cofounder and CEO, GlobalLinker.
Expectations From NDA 2.0 In The Next Five Years
Ajay Adiseshann, Founder and CEO of PayMate suggests that startups are making a positive contribution to employment and over the next 10 years can potentially be one of the largest employers of both blue and white collar workers.
As a Snapdeal spokesperson said, this decisive mandate for the re-elected NDA government will allow undivided attention to national priorities like boosting employment and creating more enterprises across the country. In its second term, the NDA government has once again shown its inclination towards supporting the Indian startup ecosystem enablers and the technological workforce.
In order to accomplish these promises at an accelerating pace, there are a few critical areas that the re-elected NDA government would need to focus on, especially making the early stage as well as growth capital more easily accessible to startups.
“Our people have the mental calibre to rival Israel and the US in tech innovation. But funding needs to be made available to innovators even outside the ambit of established research and academic organisations,” added Jalote.
Here are the areas that the Indian startup ecosystem expects the re-elected NDA government to focus on in the second term:
Increased Ease Of Doing Business :
Sampad Swain, CEO and cofounder, Instamojo believes that the government should introduce measures to streamline taxes and ease regulatory policies for the MSMEs of the country which would give this sector impetus and improve the ease of doing business.
Vineet Chaturvedi, cofounder, Edureka suggested the government should provide startups with a more skilled workforce. “We highly recommend Skilling Allowance for all tax paying individuals. Such a rebate that rewards continuous learning will go a long way to create a workforce that can make India a skilled powerhouse,” he added.
Solution To GST Conundrum
One reform that Razorpay’s Harshil is expecting is improved tax and GST benefits for businesses opting for digital transactions. GST led to the extreme shortage of working capital, and there’s no backup plan in place to combat this, according to Mathur. Saania Singh, cofounder, Zero Gravity Aesthetics LLP expects the re-elected NDA government to act on the issue quickly, and make working capital available through banks or reasonable interest rates.
Support The Rise Of Fintech
Alok Mittal, founder and CEO, Indifi Technologies suggests the new government must define concrete steps to mobilise access to financial services and empower fintech companies that facilitate them. For instance, extending credit guarantee schemes such as MUDRA and facilitating better data access to alternate lending companies can help in bolstering the impact and reach of these initiatives, he said.Improved Focus On New Age Technology And Education :
Vineet Chaturvedi, cofounder, Edureka suggested the government should provide startups with a more skilled workforce. “We highly recommend Skilling Allowance for all tax paying individuals. Such a rebate that rewards continuous learning will go a long way to create a workforce that can make India a skilled powerhouse,” he added.
Solution To GST Conundrum
One reform that Razorpay’s Harshil is expecting is improved tax and GST benefits for businesses opting for digital transactions. GST led to the extreme shortage of working capital, and there’s no backup plan in place to combat this, according to Mathur. Saania Singh, cofounder, Zero Gravity Aesthetics LLP expects the re-elected NDA government to act on the issue quickly, and make working capital available through banks or reasonable interest rates.
Support The Rise Of Fintech
Alok Mittal, founder and CEO, Indifi Technologies suggests the new government must define concrete steps to mobilise access to financial services and empower fintech companies that facilitate them. For instance, extending credit guarantee schemes such as MUDRA and facilitating better data access to alternate lending companies can help in bolstering the impact and reach of these initiatives, he said.Improved Focus On New Age Technology And Education :
Artificial intelligence (AI) has the potential to double the size of Indian economy by 2025. As the government has shown willingness to promote this sector in the last budget. Most startups Inc42 spoke to wanted the government to push for AI adoption.
Talking about the interim budget’s commitment to invest close to INR 38.57Cr in the National Education Mission, Adda247 founder and CEO Anil Nagar hoped to see more such initiatives for the Teacher Training Institutes and School Assessment Programs.
“Now it’s time to move towards taking bold steps to overhaul our systems at the grass root level especially vis-à-vis education and training for innovation more than just skills, in order to ensure our position as one of the top three economies in the world,” added Ronnie Screwvala, cofounder and Chairman of upGrad.
Alekh Sanghera, cofounder of Farmart further believes that an agriculture-focussed think tank or Center for Ag modelled on the Center for AI needs to be set up by the government in order to increase engagement between government, corporations, investors and startups.
New Policy Creation And Implementation
In its second term, the government is expected to create policies where stakeholders are willing to try new products and entrepreneurs look for more opportunities to raise high-risk capital. Government PSUs and departments need to be willing to use innovative products. ”
“I would suggest that gov can expedite the growth by encouraging homegrown startups in delivering large local/Gov projects, encouraging local funding by established organizations and perhaps do away with too many regulatory processes for new gen companies,” said Pravin Agarwala, cofounder and CEO, BetterPlace.
Sanjay Sharma, founder and managing director, Aye Finance proposed that government policies need to focus on creating a supportive ecosystem which empowers micro enterprises to create globally competitive products, rather than granting loan waivers which only leads to dependency and inadequacy in the sector.
Also, the new government must consider government-owned companies as test beds for startup products or services before they go to market.
“95% of startups fail to get proof of concept customers for their product and services and no product can be built perfectly without iteration or proof-of-concept. This is the main key to success which can help one move forward,” added Mallesh Reddy, cofounder and CEO of InsureMile.
Further, there is a need for policy and infrastructure for upskilling, reskilling, and improving the ground-level education in consonance with disruptive technologies like AI, ML, and data science, added Gupta of Mercer Mettl.
Talking about the interim budget’s commitment to invest close to INR 38.57Cr in the National Education Mission, Adda247 founder and CEO Anil Nagar hoped to see more such initiatives for the Teacher Training Institutes and School Assessment Programs.
“Now it’s time to move towards taking bold steps to overhaul our systems at the grass root level especially vis-à-vis education and training for innovation more than just skills, in order to ensure our position as one of the top three economies in the world,” added Ronnie Screwvala, cofounder and Chairman of upGrad.
Alekh Sanghera, cofounder of Farmart further believes that an agriculture-focussed think tank or Center for Ag modelled on the Center for AI needs to be set up by the government in order to increase engagement between government, corporations, investors and startups.
New Policy Creation And Implementation
In its second term, the government is expected to create policies where stakeholders are willing to try new products and entrepreneurs look for more opportunities to raise high-risk capital. Government PSUs and departments need to be willing to use innovative products. ”
“I would suggest that gov can expedite the growth by encouraging homegrown startups in delivering large local/Gov projects, encouraging local funding by established organizations and perhaps do away with too many regulatory processes for new gen companies,” said Pravin Agarwala, cofounder and CEO, BetterPlace.
Sanjay Sharma, founder and managing director, Aye Finance proposed that government policies need to focus on creating a supportive ecosystem which empowers micro enterprises to create globally competitive products, rather than granting loan waivers which only leads to dependency and inadequacy in the sector.
Also, the new government must consider government-owned companies as test beds for startup products or services before they go to market.
“95% of startups fail to get proof of concept customers for their product and services and no product can be built perfectly without iteration or proof-of-concept. This is the main key to success which can help one move forward,” added Mallesh Reddy, cofounder and CEO of InsureMile.
Further, there is a need for policy and infrastructure for upskilling, reskilling, and improving the ground-level education in consonance with disruptive technologies like AI, ML, and data science, added Gupta of Mercer Mettl.
Help Build Startups Of Global Scale :
Sharing his experience, Login Radius CEO Soni said, “I have spent a significant amount of time in the US and Canada; and in today’s globalized world, Indian startups are competing with the global ones but Indian startups are not getting similar support and similar environment.”
According to Soni, the government should implement some of the initiatives that have been successful in the US and Canada such as:
*Providing more support to the startup ecosystem in smaller cities.
*Creating a massive fund to co-invest with angel investors and VCs
*Continuing the emphasis on Make in India
*Allocating budget to procure products and services from startups.
Tushar Kumar, CEO of Medlife further believes that the Indian startup community will have more than 12,000 entities by 2020; the number of unicorns is also on the rise. This vibrant ecosystem is now emerging out of infancy.
“The need of the hour is long-term support from the government in strengthening the infrastructure, more effective seed-level funding support, further simplification of business registration and other regulatory compliances that start-ups have to deal with in their operational cycle,” he added.
Road Ahead For NDA 2.0 + Indian Startup Ecosystem
With the BJP coming to power again, the policies set over the past 5 years are likely to be carried forward in a more stable manner. The government has to play a key role here in policy-making, aligning education sector with evolving skill needs, continually promoting innovation culture and providing significant funding to fuel the growth.
As Indifi’s Mittal said, the government’s intentions are in the right place. Over the next five years, the government needs to introduce more well-evaluated and specific purpose driven initiatives to further boost the Indian startup ecosystem.
“These election results are a mandate of the aspirations of India’s youth and its young manpower and Technological progress is going to be the biggest asset for the country. Soon, we will have the talent to build the next Amazons, Alibaba’s and Facebooks of the world in India,” said Edureka cofounder Chaturvedi.
Farmart’s Sanghera stated that India will go from a data poor to data rich country in the next decade. Startups will use infrastructure layer such as Aadhaar or UPI to build companies of the future. “Government needs to play the role of an enabler. India needs to be seen as the most business-friendly country in the world. Currently, we are 76th spots away from our goal,” he added.
While this continuity of governance will be beneficial for innovators and Indian startup ecosystem as a whole, it is definitely going to accelerate the momentum built up in the tech startup domain. Kushal Nahata. cofounder of Fareye further added that while initially, India’s startup ecosystem was largely dominated by consumer-facing companies, B2B ventures are finally finding their feet now.
“India added 2,300 B2B start-ups in the last 5 years. With the increased focus and support from the BJP government, we are certain that the next 5 years will bring immense opportunities and growth for start-ups in fast-growing sectors like Logistics-tech, Agritech, Fintech, and Healthtech, et al,” he added.
The sweeping verdict reflects the fact that the government’s startup programmes were communicated effectively to startup stakeholders of India. While the NDA government had announced INR 10,000 Cr package under its Fund of Funds for Startups (FFS) in the last term, it has already announced plans to create a Seed Fund worth INR 20,000 Cr to boost investments in Indian startup ecosystem in its 2019 manifesto.
Despite funding disbursal being rather slow under FFS, it is, therefore, suffice to say that stakeholders in the Indian startup ecosystem see this as another golden five-year period for the Indian startups.
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According to Soni, the government should implement some of the initiatives that have been successful in the US and Canada such as:
*Providing more support to the startup ecosystem in smaller cities.
*Creating a massive fund to co-invest with angel investors and VCs
*Continuing the emphasis on Make in India
*Allocating budget to procure products and services from startups.
Tushar Kumar, CEO of Medlife further believes that the Indian startup community will have more than 12,000 entities by 2020; the number of unicorns is also on the rise. This vibrant ecosystem is now emerging out of infancy.
“The need of the hour is long-term support from the government in strengthening the infrastructure, more effective seed-level funding support, further simplification of business registration and other regulatory compliances that start-ups have to deal with in their operational cycle,” he added.
Road Ahead For NDA 2.0 + Indian Startup Ecosystem
With the BJP coming to power again, the policies set over the past 5 years are likely to be carried forward in a more stable manner. The government has to play a key role here in policy-making, aligning education sector with evolving skill needs, continually promoting innovation culture and providing significant funding to fuel the growth.
As Indifi’s Mittal said, the government’s intentions are in the right place. Over the next five years, the government needs to introduce more well-evaluated and specific purpose driven initiatives to further boost the Indian startup ecosystem.
“These election results are a mandate of the aspirations of India’s youth and its young manpower and Technological progress is going to be the biggest asset for the country. Soon, we will have the talent to build the next Amazons, Alibaba’s and Facebooks of the world in India,” said Edureka cofounder Chaturvedi.
Farmart’s Sanghera stated that India will go from a data poor to data rich country in the next decade. Startups will use infrastructure layer such as Aadhaar or UPI to build companies of the future. “Government needs to play the role of an enabler. India needs to be seen as the most business-friendly country in the world. Currently, we are 76th spots away from our goal,” he added.
While this continuity of governance will be beneficial for innovators and Indian startup ecosystem as a whole, it is definitely going to accelerate the momentum built up in the tech startup domain. Kushal Nahata. cofounder of Fareye further added that while initially, India’s startup ecosystem was largely dominated by consumer-facing companies, B2B ventures are finally finding their feet now.
“India added 2,300 B2B start-ups in the last 5 years. With the increased focus and support from the BJP government, we are certain that the next 5 years will bring immense opportunities and growth for start-ups in fast-growing sectors like Logistics-tech, Agritech, Fintech, and Healthtech, et al,” he added.
The sweeping verdict reflects the fact that the government’s startup programmes were communicated effectively to startup stakeholders of India. While the NDA government had announced INR 10,000 Cr package under its Fund of Funds for Startups (FFS) in the last term, it has already announced plans to create a Seed Fund worth INR 20,000 Cr to boost investments in Indian startup ecosystem in its 2019 manifesto.
Despite funding disbursal being rather slow under FFS, it is, therefore, suffice to say that stakeholders in the Indian startup ecosystem see this as another golden five-year period for the Indian startups.
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JAY HIND
JAY BHARATHAM
VANDE MATARAM
BHARAT MATA KI JAY\
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