Guruprasad Mohapatra, DPIIT secretary said this change has been accelerated since 2015-16

Shailendra Singh, MD, Sequoia Capital India, said that Indian startups have come
into their own in the last four to five years

PM Modi recently highlighted that India is one of the top-three startup
ecosystems

As the third-largest startup ecosystem of the world, Indian startups have seen a
tremendous change in attitudes among the government department. Guruprasad
Mohapatra, secretary at the Department for Promotion of Industry and Internal
Trade of India (DPIIT) said that there are 50,000 registered startups in India,
and there will be 50K more by 2024 at this pace.

Mohapatra said this change has been accelerated since 2015-16 when a new policy
came into effect. His thoughts were further supported by Shailendra Singh,
managing director, Sequoia Capital India, Singapore. He said that Indian
startups have come into their own in the last four to five years.

?The optimism, the ability to dream, the amount and quality of capital
available, the sheer size and scale of startups, as well as their ambition and
ability to execute globally, are remarkable,? Singh added.

Singh said that it is exciting to back the companies, which have both disrupted
existing companies and become full-stack online and offline businesses
themselves. ?Technology is intrinsic to these companies, not only impacting them
at a superficial level,? he said.

Comparing Asian startups to the world?s largest startup ecosystem i.e. Silicon
Valley, Singh said??Asian startups have ?lots of white spaces? and individual
markets are very small so that companies can and must quickly mutate to related
businesses.

Over the last few years of the Indian government, it as helped shape the startup
ecosystem through its various policies, and Prime Minister Narendra Modi has
been called the Startup PM of India by some.

Recently,PM highlighted that India?s startup
[https://inc42.com/buzz/with-economy-in-slowdown-modi-pins-growth-hopes-on-startups/] ecosystem is a common point of discussion between the heads of state, business
leaders and stakeholders ? investors and entrepreneurs. PM Modi also highlighted
that India is one of thetop three startup
[https://inc42.com/buzz/pm-modi-lauds-startup-growth-in-indias-tier-2-cities-but-data-tells-a-different-story/] ecosystems in the world and lauded Tier 2 and Tier 3 startups for powering the
startup ecosystem. The PM also claimed that the world is looking at new India as
a land of unique opportunities.

Along the same line of thought, Ankiti Bose, cofounder and CEO, Zilingo, said
India must also overcome some systemic challenges, such as low participation of
women in the workforce.

DPIIT secretary emphasised that the government is committed to improving women?s
participation ? by providing preferential access to capital to women-led
start-ups, for instance ? but the issue is of wider inclusion. ?There are large
tracts of India untouched by startup presence,? he said, adding that the
government is committed to spreading its start-up mission to the country?s more
disadvantaged areas.

Mohapatra further added that the government is committed to providing technology
start-ups with room to experiment and develop without setting tight regulatory
boundaries, as it did with the IT sector and the aviation sector earlier.

Earlier this year, Modi had expressed a desire to take India to a $5 Tn economy
by 2024. Later, Finance Minister Nirmala Sitharaman, while presenting her maiden
budget, presented a roadmap to the target, which included strategic
disinvestment, cutting down the corporate tax, making investments more lucrative
for foreign entities, and a push to the Indian startup ecosystem through various
policies.

Original Article:
https://inc42.com/buzz/50k-registered-startups-in-india-will-have-50k-more-by-2024-dpiit-secy/