National Startup Day recognizes the role of startups in the development of the economy

New Delhi: National Startup Day is a validation of the role of startups in the growth of the country’s GDP and strengthening India’s position globally, and according to industry experts, young talent is looking at entrepreneurship as a primary career option. will encourage.

On Saturday, Prime Minister Narendra Modi announced that the country would celebrate January 16 as National Startup Day, as he called startups the “backbone” of New India and the engine that will power the country’s economic growth till its 100th year. Gave. Independence.

“National Startup Day is a validation of the role of startups in developing the country’s GDP and strengthening India’s position globally. This initiative will not only mainstream startups but also encourage young talent to look at entrepreneurship as a primary career option. Will encourage you too.” Varun Saxena, founder and CEO of short video platform Bolo Live said.

He said that this acceptance is a big morale booster for the entrepreneurs – the new job creators of the country.

Neha Khanna, Director, Walpro, highlighted that the startup ecosystem has seen maturity over the past decade, and new age-enterprises are contributing significantly to the economy in many ways.

Contributions of startups include through large-scale FDI in an asset class outside the public markets, export of products and services by the country, a large base of retail investors born of respectable paid employees and wealth creation tools such as ESOPs. Being a major consumption market in the global economy.

The Prime Minister had noted during his address that 42 unicorns – companies worth over USD 1 billion – came to India last year and startups are changing the rules of the game.

He said that the golden age of India’s startups is now beginning, and the country is fast moving towards the century of the unicorn – the hallmark of a self-reliant and self-confident India.

Mayank Kumar, co-founder and MD, edutech firm Upgrade said that India is already a talent powerhouse, but the move will encourage millions of people to find solutions to business and social challenges and thus make the country a global leader.

Pranav Dangi, Founder and CEO, The Hosteller said that the National Startup Day will help startups stay motivated on their path and push them towards the right services with the knowledge that the government acknowledges their hard work and creative approach.

“We expect to focus more on small and medium scale startups that will benefit immensely from exposure and consideration. The startup market in India is not only booming, but is precisely where this positive and supportive environment is growing in exponential numbers. Will boost growth,” he added.

Dhruv Sawhney, Business Head and COO of Nature. Farm said that the Indian youth today is ready to solve problems that previously had no voice or face.

“With a population of over a billion to serve, there is a plethora of services and offerings that, when innovated, can easily change the standard of living or standard of living of millions of people… Celebrating will boost self-confidence and give the necessary impetus to more and more youth to take risks and bring about change with regard to their ideas.”

Apoorva Ranjan Sharma, co-founder of Venture Catalysts and managing director of 9Unicorns, said the startup segment has long borne the brunt of being treated with skepticism from old-school economists.

Sharma said, “The startup sector today employs lakhs of youth. Recognizing the startup sector with a dedicated observation day will certainly help in creating awareness about the sector and also great talent and investment in this sector. will be attracted.”

Sharma said that ensuring ease of doing business through favorable taxation policies, timely taxation credits, refunds and uniform compliance at the national level is on the wish list of startups and creation of a government-led neutral fund to support those startups. would include those who are working in the fields. of social influence among others.

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