The Union Minister of State (Independent Charge) for Science and Technology, Jitendra Singh, announced that the government has put forth a proposal to establish a monitoring mechanism aimed at fostering the growth of startups that receive funding from the exchequer. Singh made this announcement during the valedictory function and awards ceremony of the National Technology Week Exposition held at Pragati Maidan on Sunday, May 14.
The proposed mechanism seeks to closely track the progress of startups, particularly those that have received technical and financial support from the government, to ensure their sustained development. Singh addressed common misconceptions surrounding startups, highlighting that age and qualifications should not be barriers to entrepreneurship. He shared an example of a scientist who started a startup after retirement, emphasizing that innovative ideas are the key to success.
Singh also acknowledged the increasing interest in startups within greenfield sectors such as Earth Sciences and Oceanography. This diversification showcases the government’s commitment to promoting innovation across various domains.
During the same event, Ajay Kumar Sood, the Principal Scientific Advisor to the government, suggested the introduction of a dedicated Startup Day and Week, similar to the recently concluded National Technology Day and ongoing National Technology Week. This proposal aims to further recognize and celebrate the contributions of Indian startups.
S Chandrasekhar, the Secretary of the Department of Science and Technology, commended the participating startups for their strong focus on sustainable development. This aligns with the government’s vision of promoting environmentally friendly and socially responsible entrepreneurship.
The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized a total of 99,276 startups to date. These startups have played a vital role in job creation, generating over 8.4 lakh employment opportunities, according to DPIIT data. The government has been actively supporting startups through various initiatives, including the Fund of Funds (FFS) scheme, which has invested INR 14,077 crore in 791 startups since 2020. Additionally, INR 7,980 crore has been committed to 99 Alternative Investment Funds (AIFs) by the government.
The government’s proposed monitoring mechanism, coupled with continued support and investment, aims to create an enabling environment for startups to thrive and contribute to India’s economic growth and technological advancement.
