India has world's third biggest start-up ecosystem, says President Ram Nath Kovind

The President said that start-up India is a flagship initiative of the government that intends to build a strong eco-system for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities.

Image courtesy: ANI

New Delhi: President Ram Nath Kovind on Friday (January 31) said that India has the world`s third-biggest start-up ecosystem while addressing the Joint Session of Parliament. The President further said that start-up India is a flagship initiative of the government that intends to build a strong eco-system for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities. 

He said, "Under the Start-Up India, 27,000 new start-ups have been given recognition," adding "Under MUDRA Yojana, five crore and 54 lakhs new entrepreneurs have taken loan across India. Under this scheme, more than Rs 10 lakh crore has been given as loan up till now." 

Through this initiative, the government aims to empower Startups to grow through innovation and design, he added. 

The President said, "My government is dedicated to turn India into a $5 trillion economy. We're discussing with every stakeholder and work is being done at every level of the economy to turn this into reality."

He said, "India has made significant improvement in World Bank’s Ease of Doing Business ranking," adding that the government runs on "Sabka Saath, Sabka Vikas, Sabka Vishwas" and policies have been implemented without any religious bias. ​

"In spite of the challenges being faced by the world, the foundation of India's economy remains strong," President Kovind said, adding "I call upon all leaders and people of India to give preference to local and indigenous products. If you do that, you will be helping the MSMEs in your region."

According to him, with Insolvency and Bankruptcy Code, the government has managed to bring back Rs 3.50 lakh crore from banks and other institutions. The ease of doing business have been facilitated in the country with the reduction in Corporate Tax, he said.

He also added that Parliament has created record in the first seven months of the new government headed by Narendra Modi by enacting several landmark legislations.

Notably, the Union Budget 2020 will be presented in the Lok Sabha on Saturday. The first phase of the session will conclude on February 11, while the second part of the session will commence rom March 2 to end on April 3.