NewsStocksModi Urges Start-ups to Focus on Manufacturing as India Marks Decade of Startup IndiaModi Urges Start-ups to Focus on Manufacturing as India Marks Decade of Startup India
Prime Minister Modi has called for increased manufacturing focus among Indian start-ups while marking the decade-long success of Startup India initiative. The government has invested over ₹25,000 crores through Fund of Funds, with GeM platform onboarding 35,000 start-ups receiving orders worth ₹50,000 crores. Minister Goyal projects 1 crore jobs through 10 lakh future start-ups, with continued emphasis on deep-tech and strategic sectors.
*this image is generated using AI for illustrative purposes only.
Prime Minister Narendra Modi has urged India's start-up ecosystem to prioritize manufacturing while setting an ambitious goal for the next decade to lead global trends and technologies. Speaking at a programme in New Delhi commemorating ten years of the Startup India initiative, Modi highlighted the transformative journey of Indian start-ups across strategic sectors.
Strategic Sector Breakthroughs
The Prime Minister emphasized the remarkable progress in defense manufacturing, noting that start-ups previously could not imagine competing with established players in this sector. The Innovations for Defence Excellence (iDEX) initiative has successfully opened new procurement pathways in strategic sectors, enabling start-ups to participate meaningfully in defense manufacturing.
Similarly, the space sector has witnessed unprecedented transformation. Once completely closed to private participation, this sector now hosts nearly 200 start-ups that have gained global recognition for their innovations and capabilities.
Government Marketplace Success
The Government e-Marketplace (GeM) has emerged as a significant platform for start-up growth and market access:
| Parameter | Details |
|---|---|
| Start-ups Onboarded | Nearly 35,000 |
| Total Orders Received | Approximately 5 lakh |
| Order Value | ₹50,000.00 crores |
Start-ups benefit from relaxed norms and lower onboarding rates on GeM, while line ministries provide targeted support to sectoral start-ups, creating a conducive ecosystem for growth.
Investment and Funding Initiatives
The government has demonstrated substantial financial commitment to the start-up ecosystem through multiple funding mechanisms:
| Funding Source | Investment Amount |
|---|---|
| Fund of Funds for Startups | Over ₹25,000.00 crores |
| Research, Development and Innovation Scheme | ₹1,00,000.00 crores |
Additional seed funding support comes through various specialized programmes including the Startup India Seed Fund, IN-SPACe Seed Fund, and NIDHI Seed Support Programme. A Credit Guarantee Scheme has been launched to improve credit access, while a deep-tech fund of funds supports long-term investments in sunrise sectors.
Future Roadmap and Projections
Commerce and Industry Minister Piyush Goyal outlined the government's continued focus on deep-tech, innovation, space, aerospace, and defense sectors. The government has set ambitious targets for job creation and start-up establishment:
- Projected Start-ups: 10 lakh in coming years
- Expected Job Creation: Over 1 crore jobs
- Export Focus: Separate pathway under Export Promotion Mission
Goyal noted that many start-ups have shifted their base back to India, with continuous dialogue underway with the Finance Ministry regarding reverse flipping policies. The global interest in India's start-up ecosystem is evident, with nearly 100 countries expressing interest in establishing startup bridges with India.
Policy Developments
While a deep-tech policy remains under consideration with no immediate outcomes expected, the government continues to refine its approach to supporting innovation-driven enterprises. The focus on manufacturing aligns with broader economic objectives while maintaining momentum in technology-driven sectors that have already shown significant promise.
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