Former President hails India as world's 3rd-largest start-up ecosystem
What's the story
Former President Ram Nath Kovind has hailed India as the world's third-largest start-up ecosystem, with over two lakh recognized start-ups. He made the remarks at an event organized by the Jain International Trade Organization (JITO). Kovind also noted that more than 100 of these start-ups have achieved unicorn status, highlighting their immense potential and success in the global market.
Job creation
Business and values are partners: Kovind
Kovind stressed that India's impressive global ranking and the number of unicorns are a testament to the innovation and job creation happening across the country. He was speaking at ILLUMIN8, JITO's national start-up initiative. "Business and values are not opposites, but partners. Profit and purpose must move forward together," he said, underscoring the importance of balancing profit with social responsibility in business ventures.
Ethical business
Ethical entrepreneurship key for enduring success
Kovind also highlighted the importance of ethical entrepreneurship, saying that wealth serving society is meaningful and enterprise rooted in ethics is enduring. His remarks come as a reminder for start-ups to not just focus on profits but also consider their impact on society. Jeenendra Bhandari, Chairman of JITO Incubation and Innovation Foundation, echoed this sentiment by saying India's start-up story is now about value creation for the real economy, not just valuation.
Government initiatives
Government's commitment to start-ups and innovation
Bhandari also emphasized the Indian government's continued commitment to supporting start-ups and innovation. He cited initiatives like Start-up India Fund 2.0 as proof that risk-taking and innovation are not just tolerated but encouraged. "India's founders are not merely building companies, but they are building economic momentum, jobs and global competitiveness," he added, highlighting the crucial role of start-ups in driving India's economic growth.