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Here Is Niti Ayog’s Compact Target of Startup-Future in India

The need to focus on innovation and improving the ease of doing business took centre stage at the 16th edition of Young Turks here in Delhi.

In a session titled “Startup India 2.0,” government and private stakeholders came together to discuss what ails and works in favour of the Indian startup ecosystem.

“Our target should be to have 100,000 startups in the next five years with a valuation of USD 75 billion,” said NITI Aayog chief executive Amitabh Kant, setting the stage for a discussion that included him, Karnataka’s IT minister Priyank Kharge, one of India’s IT services industry architects Pramod Bhasin, Department of Industrial Policy and Promotion secretary Ramesh Abhishek, and Helion Ventures founder Sanjeev Aggarwal.

Taking the stage, Kharge spoke about the initiatives Karnataka government has taken to help foster a vibrant startup ecosystem. “We have matured as an IT services economy. Now, the aim is to be thought leaders in new & emerging technologies,” he said.

Bhasin, a former chief executive of BPO firm Genpact, and president of TiE Delhi-NCR, enumerated some of the roadblocks that startups face in the country — red tape, too many check points, ease of shutting a company down, and long winded legal processes.

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