Amitabh Kant Encourages More Indians to Invest in Startups for Economic Growth
New Delhi [India], August 15: Amitabh Kant, India’s G20 Sherpa and former CEO of Niti Aayog, has called for more Indians to invest in domestic startups to sustain the growth of the Indian startup sector. He noted that most countries have high regard for India’s economic growth and that Indian companies should aim to get bigger.
In an exclusive conversation, Kant said, “We would now require a lot of Indians, Indian pension funds, insurance companies, all to invest in our own startups. Seventy per cent of the resources in our startup movement come from abroad. More and more Indians must invest in our own startup movement. That is the way forward. But we’ve done remarkably well as a startup nation.”
He highlighted that India is placed third globally in terms of the startup ecosystem, with 1,40,000 startups and about 135 unicorns. He praised the abolition of the angel tax, which will give a huge boost to the startup ecosystem.
Kant emphasized the need for more states and companies to become champions of growth, ensuring that micro-companies grow into small, medium, and eventually large companies. He also mentioned the Production-Linked Incentive Scheme aimed at producing global champions in India.
He praised the removal of the Angel Tax in this year’s budget, which will benefit startups, and highlighted India’s remarkable growth prospects, aiming to become the third-largest economy in the world.
Referring to India’s Vision 2047, Kant said, “Every Indian must get committed with a clear vision that we have to make India a developed country. Every Indian must not merely have the vision but also deliver and work hard on the ground. Every Indian must focus on improving education and health for several other Indians around him and every Indian must be a catalyst to India’s big growth story of the next three to four decades.”
Doubts Revealed
Amitabh Kant -: Amitabh Kant is an important person in India who helps with big plans and ideas for the country’s growth. He used to be the CEO of Niti Aayog, which is a group that helps the Indian government make good decisions.
G20 Sherpa -: A G20 Sherpa is a person who helps prepare for meetings of the G20, a group of 20 important countries that discuss global issues. Amitabh Kant is India’s G20 Sherpa.
Niti Aayog -: Niti Aayog is a group in India that helps the government make plans for the country’s development. It stands for National Institution for Transforming India.
Startups -: Startups are new companies that are just beginning to develop. They often have new ideas and need money to grow.
Unicorns -: In the business world, a unicorn is a startup company that is worth more than $1 billion. India has 135 such companies.
Angel Tax -: The Angel Tax was a tax in India on the money that startups received from investors. It has been removed to help startups grow.
Production-Linked Incentive Scheme -: This is a plan by the Indian government to give money to companies that make more products in India. It helps businesses grow and create jobs.
Vision 2047 -: Vision 2047 is a plan for India to become a developed country by the year 2047, which will be 100 years after India became independent.