Vibrant Gujarat Global Summit Kicks Off, DPIIT to Reveal States’ Startup Rankings
Global business leaders have gathered at the 10th Vibrant Gujarat Global Summit 2024 to commend Prime Minister Narendra Modi’s vision. The summit, hailed as a significant institutional framework, operates under the principles of One Earth, One Family, One Future. The event has attracted esteemed leaders from various industries, who have praised PM Modi’s governance and India’s rise on the global stage.
Lakshmi Mittal, Chairman of ArcelorMittal, emphasized the PM’s commitment to creating a prosperous future for all. Toshihiro Suzuki, President of Suzuki Motor Corporation, shared his enthusiasm for India’s growing auto market and their plans for electric vehicle production. Mukesh Ambani, Chairman of Reliance Industries, pledged major investments in green growth, 5G technology, and support for the Olympics. Sanjay Mehrotra, CEO of Micron Technologies, hailed India’s efforts in the semiconductor industry.
In a move to foster competition and encourage growth in the startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) is set to unveil the rankings for states and Union Territories (UTs) on their startup initiatives on January 16. This assessment aims to evaluate the efforts of different regions in nurturing startup ecosystems and adopting best practices and policies to support startup growth. The previous assessment highlighted the outstanding performance of Gujarat and Karnataka in this regard.
The DPIIT’s initiative aligns with the Startup India program, which was launched in 2016 to promote innovation and investment in startups. Recognizing the crucial role startups play in the country’s economy, PM Modi declared January 16 as National Startup Day. India has witnessed a remarkable surge in startups, with the number reaching 1.17 lakh registered startups, a significant increase from just 400 in 2016.
To further bolster the startup ecosystem, the DPIIT is hosting the Startup India Innovation Week 2024 from January 10 to 18. This event features a series of activities and events aimed at nurturing innovation and entrepreneurship in the country.
The Vibrant Gujarat Global Summit also showcased the entrance of Japan’s SkyDrive into the Indian market. SkyDrive, a flying car innovator, unveiled its futuristic technology at the summit. Their electric vertical take-off and landing vehicles (eVTOLs), measuring 11.5m x 11.3m x 3m, offer eco-friendly urban mobility and can accommodate a pilot and two passengers. With a speed of 100 km/h and a range of 15 km, these air taxis envision a future with urban air travel atop buildings. SkyDrive expressed its interest in establishing production facilities in India to tap into the country’s potential as a market for their technology.
In other startup news, it is anticipated that the Indian startup ecosystem will experience a surge in initial public offerings (IPOs) in the coming years. According to senior officials at Kotak Investment Banking, around 15-20 unicorns, including companies like Ola Electric, FirstCry, and MobiKwik, are actively preparing for IPOs within the next 12-24 months. The startup sector is expected to rebound from a funding crunch, leading to larger internet IPOs and revitalizing deal-making activities. Startups are increasingly focusing on curbing losses and attaining sustainable profitability, marking a shift from uncontrolled growth to responsible expansion.
Furthermore, the ‘StartUps for Railways’ initiative launched by the Indian Railways in 2022 has received an overwhelming response. The Railways announced that it has received 1,251 proposals from various entities, including startups, individual innovators, and MSMEs, aiming to harness innovative technologies to enhance railway operations and safety. These proposals highlight the diversity of sectors participating in this initiative and demonstrate the potential for collaboration between railways and startups.
The Indian Railways has awarded projects worth Rs. 43.87 crore under this program, with a focus on supporting the intellectual property rights of innovators and facilitating decentralized product development at divisional levels. The initiative presents a significant opportunity for startups to engage with the Railways, receive grants, and access support for prototype trials and deployment.
As India’s startup ecosystem continues to evolve and flourish, the nation embraces new technologies, encourages competition, and provides support to startups at various stages of development. The combination of government initiatives, global investor interest, and the entrepreneurial spirit of Indian innovators puts India at the forefront of the global startup landscape.
With the Vibrant Gujarat Global Summit setting the stage for dynamic discussions and exciting announcements, the country’s potential in the startup arena is poised for remarkable growth and success.
