“The Innovation Genie is out of the Bottle”

“The Genie of Innovation is out of the Bottle and soon there will be 1000s of Unicorn in India in the near future”, said Rajeev Chandrasekhar, Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship as he interacted with students and Startups at the CVM University at Anand in the forenoon and MSU at Vadodara. The Minister mentioned about how India is at an inflection point and has an upward momentum as it emerges a reformed & resilient Nation – Post Covid, and also world’s most vibrant startup ecosystem.

The Indian economy, after taking a hit initially during Covid, is now the fastest growing major economy in the world. It has received highest FDIs (over $80Bn) & sets new records of Goods exports ($400 Bn) & services exports ($254 Bn). India has crossed 100 Unicorn mark where 42 Unicorns came up in the year 2021. Highlighting why this surge in Startups and unicorns now, Minister mentioned that the Narendra Modi Government, over the last 8 years, has created an enabling environment by scrapping old laws – ensuring ease of doing business, initiating Banking & Financial sector reforms including cleaning up of NPAs, expansion of Internet to 80 crore people, rapid Digitalization of almost all sectors of economy and governance etc. have all collectively led to a vibrant startup ecosystem.

Drawing a comparison with how state of affairs were Pre 2014, Minister quoted a credit Suisse Report – House of Debt that reported around 98% of India’s Banking systems’ Net worth were cornered by 9 or 10 big family owned businesses in India. Today Hardwork, Grit, passion are the only determinants of Success. The majority of Unicorns & Startups are first generation entrepreneurs & do not have influential last names.

The Minister answered questions posed by Startups and students as he was interviewed by them on New India’s Techade of Opportunities. The students and Startups had an engaging session with the Minister who answered all their questions and queries inspiring them to contribute as well as benefit from New India’s Growth Story.

The Minister later in the evening met leaders from the industry, industry associations, academia & professionals of Vadodara who warmly received him and deliberated on how New INDIA is becoming a trusted technology partner to the world in Digital products and services thanks to the proactive policies of PM Narendra Modi.

CT Bureau