Around 1 Lakh Startups, Over 100 Unicorns Proof Of Startup-Based Innovation Ecosystem's Success: Rajnath Singh

Defence Minister Rajnath Singh on Saturday (15 April) said that rise in the number of startups and unicorns in India in the last few years is a big proof of the success of start-up-based innovation ecosystem.

Addressing the 16th convocation of a Deemed University in Rajasthan's Udaipur, Singh urged the youth to come up with new ideas to empower the country in the field of Science and Technology and help the government in its efforts to make India safer, stronger and self-reliant. 

Singh stressed that the use of technology will increase across all sectors in the coming times and there is a need to achieve excellence in Science and Technology. He called upon the young minds to ideate, innovate, research and make headways in the field to take the county to greater heights.

The Defence Minister also enumerated the initiatives taken by the government to promote entrepreneurial mindset among the youth.

He said that a culture of venture capital funding has been developed for start-ups, which is important for their hand-holding at an early stage.

“The number of unicorns in the country has crossed 100 from just four or five eight-nine years. Approximatly one lakh start-ups have emerged in the last few years. It is a big proof of the success of start-up-based innovation ecosystem,” he added.

He highlighted the steps taken by the Ministry of Defence for the youth to contribute to national security.

Singh also elaborated on the Innovations for Defence Excellence (iDEX) initiative, wherein the Armed Forces, Defence Public Sector Undertakings, Indian Coast Guard and Paramilitary forces seek solutions to their problem statements from the general public.

“There are two ways to resolve a problem statement. One is to issue a tender and get it resolved through a foreign company. The other is to put forth the problem statement before the young ignited minds, which is 65 per cent of the country’s population. This is the vision behind iDEX. In just five years since its launch, we have received an encouraging response," the minister said.

"We have already launched nine Defence India Start-up Challenges. Youths have provided solutions to many problem statements. We not only adopt the ideas of the youth, but take it forward by connecting them with investors and providing grants,” Singh said.