Underlining the role of startups in creation of jobs and in growth of the economy, Commerce and Industry Minister Suresh Prabhu has said that the government is taking several steps, such as reducing regulatory burden and ensuring availability of adequate funds, for budding entrepreneurs to promote startup ecosystem in the country.
Prabhu listed the efforts taken by the government, noting that they are working on a policy to provide mentorship to startups, meet with regulators for reducing burden and provide funding support to startups. He also highlighted that the ministry is working on strengthening the ecosystem for them in every sector including agriculture and services.
Besides, the minister expects that the country's economy will touch $5 trillion in next seven years and $10 trillion by 2035. Further, he said that manufacturing will contribute $1 trillion in this, while $3 trillion will come from services sector and $1 trillion from agriculture.