World Entrepreneurs Day 2023: How India can become the global leader of startup ecosystem?

India is now the hub of the 'Start-up' ecosystem in the world, ranking third with over 90,000 'Start-Ups' and 107 unicorn companies worth $30 billion after the United States and China. The Central government, under the leadership of Prime Minister Narendra Modi, has also begun and promoted the Startup India Initiative to help aspiring entrepreneurs.

It has also launched various schemes to train as well as provide technical support, financial assistance, subsidies, and other services to budding entrepreneurs to fuel their growth and mark their presence in the market.

PM Modi, in his recent Independence Day speech, explained that the MUDRA Yojana has enabled crores of citizens to become entrepreneurs with a budget of over 20 lakh crore rupees and thus also be job creators for others.

Hence, to acknowledge entrepreneurship and individuals becoming entrepreneurs across the world, August 21 is celebrated as ‘World Entrepreneurs Day’ every year. The day celebrates the role played by businessmen in creating employment opportunities and nurturing economic development across various industries globally. 

Setul Shah, Founder of RunR Mobility said that India can spearhead the global startup landscape by fostering innovation through supportive policies, access to capital, and nurturing a culture of entrepreneurship. 

“By enhancing ease of doing business, reducing bureaucratic hurdles, and encouraging cross-disciplinary collaboration, India can attract both domestic and foreign talents. Strengthening educational institutions, incubators, and accelerators will cultivate a skilled workforce. India can harness its demographic dividend for innovation,” Shah told Livemint. 

Prime Minister Modi's recent assertion on India's startup prowess reaffirms the nation's commitment to innovation, said Sanjay Kaushik, Managing Director, Netrika Consulting India, adding that the strategic government policies have paved the way for India's ascent as a startup hub. 

On the other hand, Kavinder Khurana, Managing Director of Tesla Power USA believes that India has the potential to not only lead the startup ecosystem but also redefine the rules of the game, creating a blueprint for global entrepreneurial success.

“The phenomenal progress of recent years demonstrates India as a favorable destination for startups. India has drawn entrepreneurs by providing a favorable environment for global attention and investment, resulting in a dynamic landscape of creativity and enterprise,” said Dr. Ayush Sharma, Co-Founder of Aartas CliniShare on World Entrepreneurs Day 2023. 

Mukul Shah, Founder and CEO at Lifechart asserted that India needs to adopt a holistic and multi-faceted policy approach to become the global leader of the startups ecosystem which entails adopting an all-encompassing framework to encourage close collaboration between mentors, investors, entrepreneurs, and administrators. 

“In sum, it's only when every stakeholder in the startup ecosystem starts working for the growth of partners across their value chains, India can realize its full potential and emerge as the leader on the map of the global startup ecosystem,” Shah added.