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Indian Startups Witness 300 Times Growth In Last 9 Years

Biotech startups went up from around 50 to nearly 6,000, says Union Minister of State Jitendra Singh

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Union Minister of State for Science and Technology, Jitendra Singh has said that Indian startups grew 300 times in the last 9 years.

While speaking at a function in Rashtrapati Bhavan, he said that there were just around 350 startups before 2014 but after 2016, there has been a quantum jump to over 90,000 with more than 100 unicorns.

Singh further added that simultaneously government opened up the space sector for private participation leading to more than 100 startups in the space sector within just about three years. 

"Similarly, Biotech startups went up from around 50 to nearly 6,000," he said.

Singh said that India had no dearth of talent, capability, innovation and creativity in the youth, but they were lacking a favourable milieu and proper patronage from the political leadership which was provided by Prime Minister Modi.

He added that it is also now evident that we have so much innovative talent even in our rural youth and there is no linkage between formal education degrees and innovation capabilities which is evident from the awards given today. 

He added that this issue was also sought to be addressed by the PM by bringing in National Education Policy 2020 which gives emphasis to skill and not only to academic degrees and prepares the individual for earning livelihood according to his or her aptitude and skill.