Mumbai : 12 April, 2022

Union Minister Shri Bhupender Yadav today said India is marching towards an inclusive and sustainable economy which firmly believes in enabling and enhancing the efficiency and efficacy of our entrepreneurs. He was speaking at the EY Entrepreneur of the Year (EOY) Program 2021 arranged by the Ernst and Young Group in Mumbai.

Union Minister Shri Bhupender Yadav said ‘It is great to see that this year, EOY Awards has 21 Finalists with combined revenues of Rs 1.87 trillion, who collectively employ more than 2,60,000 people; this is a testimony of nation’s entrepreneurial talent’.

Shri Yadav said Capitalising on demographic dividend and governments initiatives which enables the start-up eco system, India's youth has taken the nation to the top-3 in the world in terms of creating start-ups. He said ‘India is home to 94 unicorns with a total valuation of 319.67 billion dollars’. He further informed DPIIT has recognised more than 61,000 start-ups representing 55 industries, spread across 633 districts with at least one start-up from every State and UT of the country that has created over 6 lakh jobs since 2016. ‘Over 90 of them have become “unicorns” with a combined valuation of over 300 billion dollars’, he added.

Union Minister Shri Yadav said During the times uncertainty, Indian entrepreneurs have continued to demonstrate strong resilience and an excellent ability to adapt to changes and challenges during Covid19 pandemic.

Shri Yadav said There has been a massive 26% surge in the new company incorporation in financial year 2021, which validates the government's efforts to reduce regulatory hurdles in incorporating new companies.

Union Minister Shri Yadav said ‘On Independence day last year, Prime Minister Shri Narendra Modi Ji termed the next 10 years as India’s ‘Techade’. Shri Yadav added ‘Techade indicates the direction in which our economy is progressing. He added ‘power of technology changing the way Government functions and transforming the lives of its citizens’.

Speaking about the performance of his portfolios, Ministry of Labour and Ministry of Environment, Union Minister Shri Yadav said the Government now permits self-certification for compliance of 9 labour laws and 3 environmental laws are shining examples. He added the interlinking of portals such as Udyam, e-shram, NCS and Aseem, which aim to improve credit facilitation for small business will provide a push to entrepreneurship in the country.

Union Minister Shri Yadav said In order to further enable the factor of transparency and ease of doing business in start-up ecosystem, Environment Ministry has envisaged to upgrade the existing PARIVESH portal. He said ‘On upgradation, the PARIVESH portal will be an effective compliance and monitoring mechanism, which is technology driven workflow that minimizes redundancies in administrative paperwork’.

Shri Yadav informed Government has announced a Rs 6,000-crore Raising and Accelerating MSME Performance (RAMP) programme to expand the business of 5 lakh 55 thousand MSMEs. He added ‘the program seeks to increase the participation of female entrepreneurs and an increase of about 70,500 women MSMEs is envisaged’.

 

Union Minister Shri Yadav further said ‘The digital ecosystem created by our government with a focus on digital inclusion through 5G and investment in technologies such as Artificial Intelligence and infrastructure will continue strengthening the development of entrepreneurship across the country’.

Quoting Prime Minister Shri Narendra Modi Shri Yadav said ‘when the world is looking at India with so much hope and aspirations, India cannot weaken in its efforts. Today, as we celebrate Azadi ka Amrit Mahotsav, our youth play a key role in ensuring that we continue our momentum.’

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