The Prime Minister of India, Mr Narendra Modi laid a special emphasis on start-ups in his speech from the ramparts of the Red Fort at India's 69th Independence Day while mentioning other important issues like Swachh Bharat, Jan Dhan Yojana, corruption and black money. The Prime Minister announced a new campaign ‘Start-up India; Stand up India’ to promote bank financing for start-ups and offer incentives to boost entrepreneurship and job creation. Under this initiative, each of the 1.25 lakh bank branches in the country are expected to encourage at least one Dalit or Adivasi entrepreneur and at least one woman entrepreneur. “We are looking at systems for enabling start-ups. We must be number one in start-ups... Start-up India; Stand up India,” the Prime Minister said. In addition, a package of incentives will be given to manufacturing units for generating jobs, as part of the Skill India and Digital India initiative.
This latest initiative is expected to give a new dimension to entrepreneurship and help in setting up a network of start-ups in the country. As outlined by many recently released reports and some of my earlier blogs, there is already an entrepreneurial revolution underway in India and with the government now backing it with the latest initiative, it is expected to further increase the number of first generation entrepreneurs in India. As shared in my previous blog, Bengaluru has the youngest start-up ecosystem in the world, with the average founder's age at 28.5 years, according to a survey of the top 20 global start-up ecosystems by The Startup Ecosystem report.
We at IBEF have been covering the trend of rising first generation entrepreneurs in India over the past few years. In fact, first edition of the IBEF book titled ‘Ordinary Indians, Extraordinary Enterprise’, released in 2013, included stories of around 25 successful first generation entrepreneurs. We are currently working on the second edition and are confident that the entrepreneurial revolution in India can be expected to further increase the number of first generation start-ups in the country.