Enabling policies, robust digital infra position India as global startup powerhouse: Founders

New Delhi, Jan 15 (PTI) India's startup ecosystem has emerged as one of the world's largest, supported by enabling policies, government support and robust digital public infrastructure, prominent founders said on Thursday.

On the eve of the 10th anniversary of the Startup India initiative, startup leaders from the health-tech to hospitality and fintech sectors underlined how a combination of visionary leadership and robust digital infrastructure has fuelled entrepreneurship, turning it into a key driver for national development and global investment.

Urban Company, co-founder and CEO, Abhiraj Singh Bhal, said the last eight years have seen tremendous growth, with the startup ecosystem growing tremendously from just one or two unicorns to over 110 unicorns and tens of thousands of ventures across sectors, all due to the vision laid out by Prime Minister Narendra Modi.

"I am confident that over the next decade, under his (Modi's) able leadership, we will create thousands of unicorns. More importantly, our youth will aspire to become job creators rather than job seekers," Bhal said.

Pristyn Care, co-founder, Harsimarbir Singh, said that after spending five years trying to build three startups, all of which failed, he was on the verge of taking up a job, but the Prime Minister's speech in 2015 at Madison Square Garden in New York inspired him to return to India.

He said Modi displayed the traits of a startup CEO by engaging at the ground level and focusing on problem-solving. He cited the case of semiconductors, where a timely policy push resulted in visible outcomes.

Nikhil Kamath, co-founder of Zerodha, pointed to the stability and consistency in policy-making over the last decade as a novelty that has given India a competitive edge over its regional peers.

He observed that the Indian story has been narrated so effectively on the international stage that global investors now view the country with much more optimism compared to other major economies.

Kamath stated that there is currently a significant appetite for investing in India, largely due to the ecosystem that has been inculcated over recent years.

"...a lot of investors, while they might be critical of what is happening in Europe, in China, in America, they're all a lot more sanguine when speaking about India," he said.

He observed that becoming an entrepreneur has now become "cool" in society, a trend he expects will persist for a long time.

Founder of Rage Coffee, Bharat Sethi, said that at the time of Startup India mission inauguration, few could have predicted the grand scale-up and success.

"...we have seen how the startup growth rate has increased, how the faith of the common man in starting a new business has grown, supported by MSMEs, grants, and the payment revolution that especially accelerated during COVID times," Sethi said.

Yashiya Dahiya, CEO and co-founder, PolicyBazaar Fintech, said startups offer the path for India to grow rapidly, and termed it "the moment of India". The 75,000 startup ecosystem across 46 industries shows that Indian entrepreneurship is an across-the-board phenomenon.

Dahiya credited India's success story in startups to Prime Minister Modi’s policies supporting the ecosystem.

He further said the government's public advocacy evangelised the startup movement time and again.

The Digital India mission, UPI framework, and NHA framework are helping startups grow, innovate, and solve customer problems in ways thought impossible just a few years ago, he noted.

Prashant Tandon, CEO of 1mg, emphasised that the "Startup India" movement has been monumental in putting India on the global startup map.

"What may sound like a small thing - a slogan called Startup India - actually catalysed the entire ecosystem. Not just entrepreneurs, but corporations, governments, and pretty much the entire country now understands what a startup is, the potential it has, and that it is a key driver for job creation, growth, and development," he said.

He pointed toward the foundational role played by digital public infrastructure like the JAM trinity (Jan Dhan, Aadhaar, and Mobile) and UPI in enabling entrepreneurs to build solutions the country needed.

In the healthcare sector, Tandon noted that digital health is now central to national policy through initiatives like the Ayushman Digital Health Mission and telemedicine guidelines.

OYO Rooms CEO Ritesh Aggarwal highlighted a significant shift in India's social fabric regarding career choices.

Citing a personal anecdote about how his own family's perception of his career changed after the Prime Minister's public support for startups, Aggarwal noted that while his mother once considered his pursuit of entrepreneurship a bad decision, the government’s focus on the sector has validated the path for many young Indians.

Sanjeev Barnwal, co-founder of Meesho, said India is well on its way to becoming the startup capital of the world. The number of registered startups in India has grown to a massive 73,000 this year, with more than 50 per cent of them coming from tier 2 and tier 3 cities.

"With startups and MSMEs driving the economy forward, our goal of a USD 5 trillion economy doesn’t look too distant," he said.

Rohan Verma, CEO and Executive Director, MapmyIndia, said the Prime Minister not just outlined a vision for India's startup ecosystem but ensured that robust policy and a slew of initiatives drive the momentum.

"So, I really say that the Prime Minister is our visionary CEO of India," he said.

It is pertinent to mention that Prime Minister Modi will participate in a programme marking a decade of the Startup India initiative on Friday and interact with members of India's vibrant startup ecosystem.

Startup India was launched on January 16, 2016, as a transformative national programme to nurture innovation, promote entrepreneurship and enable investment-driven growth, with the objective of making India a nation of job creators rather than job seekers. PTI ANK PRS MBI MBI BAL BAL