PM Modi on Tier 2 & 3 cities’ youth powering startup says “we have to believe in our abilities”
- ByStartupStory | August 15, 2022
Prime Minister Narendra Modi said that the people behind India’s startups come from the nation’s rural and Tier 2, 3 cities in his address to the nation from the Red Fort on the 76th anniversary of the country’s independence.
“We are looking at Digital India and startups. Who are these people [behind them]? This is the talent from the Tier 2, Tier 3 cities and the talent that lives in a village somewhere,” the Prime Minister said while addressing the nation for the ninth consecutive time. Said the prime minister for the tenth time in a row addressing the country, saying.
“These are our young people who are taking on the world today with fresh technologies,” the prime minister added. In his speech, Prime Minister Modi also discussed the colonial mentality and how India needed to move past it.
The prime minister continued, “We have to believe in our capabilities. In addition, the founders are from tier 2 and tier 3 cities in India. We won’t be able to fly unless we are connected to [the] ground realities of our country.
It is wise to point out that approximately 50% of companies are registered in Tier 2 and Tier 3 cities, according to official government statistics. India had 72,993 startups that were recognised as of June 30, 2022, according to the Department for Promotion of Industry and Internal Trade (DPIIT).
Since the 2016 introduction of the Startup India initiative, the government has been optimistic about India’s startup environment. In fact, Modiji used the slogan “Startup India, stand up India” in his second address to the nation from the Red Fort in 2015. The Startup India project, which was publicly unveiled the following year, used that as a springboard.
The government has repeatedly demonstrated its dedication to assisting companies from tier 2 and tier 3 locations around the nation. Anurag Jain, the secretary of DPIIT, proposed in March that districts should be adopted by unicorns to encourage the growth and spread of the startup ecosystem thereby proving the number of startups that have expanded since that time by a fourth while the number of unicorns has increased by as much as 377%. 80 new firms are registered in India every day, according to DPIIT data.
India’s startup ecosystem is gradually spreading its roots to Tier 2 and Tier 3 cities, which are rich in these resources as a result startups are gradually migrating from the Heart of Delhi to larger NCR. Emerging hubs include Gurugram, Faridabad, Noida, and Ghaziabad. Other cities are experiencing a similar trend; new groups are forming in Mumbai, Pune, Bengaluru, Chennai, and Hyderabad.
India has become the third-largest ecosystem in the world, in terms of funding raised and unicorns created. According to Inc42’s latest report, ‘The State of Indian Startup Ecosystem Report, 2022’, India’s startups have raised $131 Bn from 2014 to H1 2022 and hold a combined valuation of $450 Bn.
Thus, the PM’s remarks should be viewed in the context of India’s startup ecosystem’s development, which is poised to undergo a paradigm shift.
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