Srinagar, June 30, 2024 (KNS): Addressing students and faculty at the National Institute of Technology (NIT) Srinagar, Union Minister Dr. Jitendra Singh emphasized the transformative impact of startups on India's economy and employment landscape. He also called for need for change in mindset of youngestors regarding employment as Government cannot provide employment to everyone.
Highlighting Prime Minister Narendra Modi's initiatives, Dr. Singh praised the rapid growth of startups since 2014, which has positioned India as the third-largest startup ecosystem globally.
"In 2014, India had only 350-400 startups. Today, we boast over 1.5 lakh startups," Dr. Singh remarked. "Our biotech startups alone have grown from just 50 to over 5000-6000. This remarkable growth has significantly improved our Global Innovation Index ranking from 81st to 40th," he said according to KNS correspondent during an event on Startups in NIT Srinagar.
Dr. Singh underscored the crucial role startups play in driving India's economy, which has moved from being part of the "Fragile 5" to the "First 5." He acknowledged the initial challenges faced in Jammu & Kashmir (J&K) but expressed optimism about the region's growing startup culture, citing various initiatives that have been launched to foster innovation and entrepreneurship.
"One of the standout examples from J&K is the "Purple Revolution" in Bhadrawa and Gulmarg, where 3,000-4,000 young entrepreneurs are thriving through the Aroma Mission.Click Here To Follow Our WhatsApp ChannelThis initiative has now expanded to other Himalayan states, including Uttarakhand, Himachal Pradesh, and Arunachal Pradesh," he said.
Dr. Singh highlighted the potential of J&K's natural resources, particularly in floriculture and marine sectors, emphasizing the importance of leveraging these assets for economic growth.
"With programs like the Deep Sea Mission and the Aroma Mission, we are utilizing our natural capital to create sustainable employment opportunities," he said.
Dr. Singh also said, "The Floriculture Mission, initiated by CSIR, is another avenue where young entrepreneurs are finding success"
Dr. Singh encouraged the youth of J&K to explore alternative career paths beyond government jobs, advocating for a shift in mindset.
"Our youth often aim for government jobs that offer Rs. 2,000-4,000. However, startups provide opportunities to earn significantly more and create employment for others," he said.
The Minister called for collaborative efforts, including media support, to change societal attitudes towards entrepreneurship.
He highlighted the potential in sectors such as fruit and handicraft startups, weaver startups, and textile startups, urging young innovators to pursue their ideas and contribute to the J&K's economic development. (KNS).