Union Minister Rajeev Chandrasekhar predicts substantial growth for enterprises and startups in the next 4-5 years. He addressed the JITO Incubation Innovation Foundation (JIIF) Sixth Foundation Day and Investors/Startup Conclave in Hyderabad, praising India’s progress in creating unicorns and startups in emerging technologies like AI and Web3. Read More Business News on our website.
Chandrasekhar highlighted that India’s tech landscape has expanded significantly since 2014, offering immense potential for unicorns and startups in various domains like deep tech, AI, data economy, semiconductor design, microelectronics, and high-performance computing. He believes that India, which currently has 108 unicorns and over a lakh startups, will witness a substantial increase to around 10,000 unicorns and tenfold growth in the number of startups in the next 4-5 years.
He also emphasized the importance of skill development and education, noting that in 2014, three out of four Indians lacked proper skills, leading to a brain drain. However, the government now works with industry partners to create a skilled workforce through academic, community, and corporate collaborations.
The event saw the launch of JITO Shark Angels Season 2, aimed at providing startups a platform to raise funds and gain exposure. Additionally, JIIF signed an MoU with T-Hub and established partnerships with IIT Jodhpur and iStart, aiming to strengthen the entrepreneurial ecosystem.
Rajat Mehta, Honorary Chairman of JIIF, expressed pride in the success of their incubated startups and the significant investments made in early-stage startups, totaling INR 150 crore. The event witnessed the presence of other dignitaries, including Union Minister Shri Gajendra Singh Shekhawat, Shri Jayesh Ranjan, Principal Secretary of Industries and Commerce, and Shivangi Jain, Sr. Assistant VP of Startup India.