On Thursday, Union Home and Cooperation Minister Amit Shah urged companies to fully support India’s startup ecosystem, which has progressed significantly since 2014, when the nation had only one unicorn.
“Today with over 100 unicorn startups, the youth of India are representing the country on the global stage,” Shah said at the third edition of the ‘Sankalp Se Siddhi’ conference in Bengaluru, organised jointly by the Ministry of Culture and the Confederation of Indian Industry (CII).
According to him, several reform initiatives have elevated India from 71st in 2014–15 to 43rd in the global competitiveness index.
He noted that India received FDI worth $440 billion between 2014 and 2021. “We have become the world’s 7th favourite destination for investment. We were at number 142 in the Ease of Doing Business rankings in 2014 — today we are at number 63.”
Shah urged the industries to prioritise R&D efforts to achieve scale. “India’s industry should not think about increasing its speed but about changing its scale and if scale is to be changed, then the thrust has to be given to R&D.”
The brightest minds for R&D are among India’s youth, and CII should work to conduct R&D within the country, he argued, encouraging efforts to ensure that nothing in the manufacturing chain, from raw materials to completed items, is produced outside of India.