Rajeev Chandrasekhar Encourages Healthy Competition Among Startups

Bengaluru: Union Minister of State for Electronics & IT, Skill Development and Entrepreneurship Rajeev Chandrasekhar had a breakfast meeting with various startups here on Wednesday.

An informal interaction with the startups was organised to address their concerns and know their opinions about the data collection policy, the future of digitalisation and the aid that government could provide to these budding companies.

Chandrasekhar said that the economy of Karnataka is on a revival path and, at the same time, is trying to move towards a digitalised economy with Bengaluru as the hub for the IT industry. The Government of India has emphasised innovation for startups and wants to expand the industry by providing opportunities for startups to create their ecosystem.

He also highlighted the hidden opportunities for startups in semiconductors, electronics and communications, artificial intelligence, and ed-tech. The year being the start for 'India's Techade', startups and innovators have abundant opportunities to grow towards a digitised economy over the next 10 - 20 years. 

Regarding the launch of the digital rupee by the Reserve Bank of India (RBI), the minister said it would take time to be implemented. He also stressed healthy competition among startups from different locations to achieve a sustainable yet digital Indian economy. 

"Startups from tier 2 and tier 3 cities are also largely focused since they still require the necessary guidance and support from the government. Working with a vision to transform India's digital economy worldwide is what the government is striving for. These have been the observable trends and impacts pre and post-pandemic on the industry sector throughout the world, which has led to digitisation and growth of opportunities," said Chandrasekhar.

He also added that the recovery path for Karnataka is still taking its face and other major recovery areas are health, well-being and informal sectors. The success of using technology for remote working during the pandemic has also been a key indicator for wanting to develop IT and Tech. Startups' investments and findings are rushing in tier 2 and other 3 cities. 

A flagship programme launched by Ashwath Narayan called Beyond Bengaluru will also focus on startups' entrepreneurial development and growth. The first 50 unicorns have come from Chennai, Delhi, Bengaluru and Gurugram.