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India's start-up ecosystem is relatively low; says Dr Chintan Vaishnav
Industry News- Sep 06,24
With approximately 140,000 start-ups registered under the Atal Innovation Mission, India has one start-up for every 10,000 people. In contrast, Israel and Germany boast one start-up per 1,000 to 2,000 people.
Dr Chintan Vaishnav, Mission Director, NITI Aayog, highlighted significant gaps in India's start-up ecosystem compared to leading nations like Germany and Israel. Speaking at the first anniversary celebration of AIC Pi-Hub at the Convention Centre, RRCAT, Dr Vaishnav noted that despite a burgeoning population of 1.40 billion, India’s start-up density is relatively low.
With approximately 140,000 start-ups registered under the Atal Innovation Mission, India has one start-up for every 10,000 people. In contrast, Israel and Germany boast one start-up per 1,000 to 2,000 people. Dr Vaishnav pointed out that while these countries are advancing in hardware manufacturing, only a small fraction of India's start-ups focus on this sector.
“It will take another decade for India to reach the level of innovation seen in these countries,” Dr Vaishnav remarked. He emphasized the need for a stronger focus on hardware manufacturing to boost India’s position among developed nations.
Dr Vaishnav also acknowledged the country’s prowess in software, which has led to a proliferation of tech start-ups. However, he stressed the importance of developing more hardware-focused start-ups, especially given the demand for indigenous equipment in agriculture, health, irrigation, and environmental sectors.
The government is actively supporting start-ups, with grants provided to 50% of them, and plans to establish over 100 new incubation centers nationwide.
During the event, UD Malshe, Chairman, RRCAT Director and AIC Pi-Hub reviewed the hub’s achievements, including five technology transfers and nine incubation agreements over the past year.
(FPJ)
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