Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu stated that new ideas to suit the future would come from start-ups
India has climbed four spots and has recently been ranked 48th by the World Intellectual Property Organization (WIPO) in the Global Innovation Index 2020 rankings and now aims to be in the top 25 before the next raking stated Sanjay Dhotre, Minister of State for Electronics and Information Technology at the ASSOCHAM Smartech India 2020 event organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) today.
The minister stated that the government has come out with several innovations to provide a conducive ecosystem to promote start-ups in the country.
“We have one of the largest numbers of start-ups in the world. The Ministry of Electronics and Information Technology is working on several initiatives as a part of the Digital India program to expand this ecosystem,” he said.
According to him, all the efforts are taken towards helping the marginalised sections of the society. “There is also a monitoring centre which would help incubate all these innovative ideas from start-ups. This is a part of the digital Bharat initiative and the government is ready to offer all the policy support for the same,” he said.
New ideas would come from startups
Rajyasabha MP and former minister of Railways, Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu stated that new ideas to suit the future would come from start-ups.
“The larger existing companies will be busy sustaining their business, it’s the smaller start-ups that will lead the innovations,” he said.
According to Prabhu, the Information and Communication Technologies (ICT) over a period of time will create value for all the stakeholders, create new job opportunities and boost the economy. “Take for instance, the launch of new drug trials, the amount of clinical trials, most of the information comes from the use of the ICT. These are the platforms which would drive the new technology of the future,” he added.
Swati Rangachari, chief corporate affairs officer – Sterlite Technologies Limited advocated the setting up of a Broadband Infrastructure Fund to strengthen the existing infrastructure. “It is the responsibility of both the industry and the government to provide the quality of broadband for the scale to become important. High speed broadband would help promote start-ups,” she explained.
She explained that similar kinds of initiatives are happening in other countries where the fund is owned by the government but managed by private companies. “It is possible to get the scale and quality when you have both the government and the private players operating side by side. This fund would help in strengthening the base for the Start-ups in becoming champions in their particular field,” she informed.