India News | India Witnessed Startup Boom in Last 10 Yrs; Students Must Focus on Entrepreneurship: Jitendra Singh
Get latest articles and stories on India at LatestLY. Union Minister Jitendra Singh on Monday highlighted the startup boom in the country, noting that the number of startups has grown from 350 to nearly 1.75 lakh in the last decade and urged the student fraternity to shift their focus from being job seekers to becoming job creators.
Jammu, Jul 14 (PTI) Union Minister Jitendra Singh on Monday highlighted the startup boom in the country, noting that the number of startups has grown from 350 to nearly 1.75 lakh in the last decade and urged the student fraternity to shift their focus from being job seekers to becoming job creators.
He said the creation of the Rs 1 lakh crore National Research Foundation (NRF-Anusandhan) marks a significant push to encourage private sector investment in research and development, thereby strengthening the country's research ecosystem.
"From just 350 startups a decade ago, India now has over 1.75 lakh startups — creating 17.56 lakh jobs, more than many government recruitment initiatives," Singh said while addressing events, first at IIM and then at IIT in Jammu.
"We urge students to shift their mindset from being job seekers to becoming job creators, leveraging the enormous support available through various startup schemes," he said.
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The Minister said that this transformative initiative is further bolstered by recent reforms that empower vice-chancellors to approve global tenders up to Rs 200 crore, simplifying and expediting the procurement of advanced research equipment and infrastructure.
Singh emphasised that such measures will accelerate scientific progress and help position India as a global leader in research and innovation.
"Over 1,600 obsolete rules have been scrapped to streamline governance and reduce bureaucratic hurdles. The General Financial Rules (GFRs) have been relaxed, enabling faster procurement and greater flexibility for researchers," he said.
Highlighting that 56 per cent of India's patent filings now come from Indian residents, he said that India's rank in the Global Innovation Index has improved to 39 from 81.
"India now ranks fourth globally in scientific publication output, highlighting the increasing academic and research contributions from Indian institutions," Singh said.
"Our space missions like Chandrayaan and Gaganyaan have made India a global science and technology leader," he added, citing the success of experiments aboard these missions, including Shubhanshu's, which are setting benchmarks in life sciences and biotechnology.
The Minister inaugurated a new hostel on the campus, comprising four blocks, together providing 688 single-occupancy rooms. He also noted that only last week, the Union Cabinet had authorised the director to approve tenders up to Rs 200 crore.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)