PM Modi declares January 16 as 'National Startup Day'

While interacting with over 150 startups as part of Azadi ka Amrit Mahotsav, Prime Minister Narendra Modi declared January 16 to be celebrated as National Startup Day, saying that this is India’s “golden era of startups” with immense growth potential in rural and semi-urban areas, as they will be the backbone of a new India.

“Today India is rapidly moving towards hitting a century of unicorns. I believe the golden era of India’s startups is starting now,” the Prime Minister said during an interaction with young entrepreneurs at Startup India Innovation Week, organised by the department for promotion of industry and internal trade.

The PM also said, “India's startups are now working in 55 different industries. Five years ago, India didn't even have 500 startups. Today, that number has crossed 60,000.” The current decade is being referred to as the “techade” of India and his government will usher in massive changes to strengthen innovation, entrepreneurship and the startup ecosystem.

Startups have immense growth prospects in semi-urban and rural areas, as only half of India’s population is currently online, he said, urging the entrepreneurs to move towards villages as well. “Whether it is mobile internet, broadband connectivity or physical connectivity, aspirations of villages are rising, and rural and semi-urban areas are waiting for a new wave of expansion.”

During the meeting, Modi also outlined the measures taken by the government to support startups in the country, including programmes like Startup India, removing problems of ‘angel tax’, simplification of tax procedure, arranging for government funding, allowing self-certification of nine labour and three environment laws and removal of more than 25 thousand compliances.

The Prime Minister also notified that the Indian Army, navy and air force have given Rs 500 crore worth of orders to drone startups, saying that the new drone policy has led to interest among several on drone focused startups.