Union Science and Technology Minister Jitendra Singh recently informed that India is ranked third among countries in scientific publications per the NSF database. It has featured within the top 50 in innovative economies globally (at 46th rank) as per Global Innovation Index (GII).
India is readying itself for an era of an innovation economy with Technology Innovation Hubs (TIH) at the forefront. The start-up ecosystem here is promising and encouraging. With more than 80 start-ups getting recognised per day – the highest rate in the world. On the 75th Independence Day, Prime Minister Narendra Modi recognised the 75,000 start-ups that had been officially registered. Commendable support from programs like Startup India, which act as a launchpad for budding entrepreneurs, only fuels the kindred spirit of the country’s youth by providing funds, tax incentives, support for intellectual property rights, an eased public procurement, enabling regulatory reforms, access to international fests and events, and much more.
49% of the registered start-ups are from tier 2 and tier 3 cities which showcase a shift in small-town mentality. Youth from all over the country are enterprising and vying to start and build something of their own. Other ventures like Startup India also aim to connect start-ups to angel investors or venture capitalists to help get funding. All the support available to a budding start-up has fostered a positive environment where graduates feel comfortable charting their own path.