Startups will determine India's future economy: Jitendra Singh

New Delhi, Jun 2 (PTI) Underscoring the importance of startups in India, Union Minister Jitendra Singh on Thursday said startups will determine India's future economy as well as that of the world.

The Minister of State for Science and Technology said one of the major achievements of the government has been the boost provided by the startup movement.

Calling Indian startups the future of the economy, he said "startups are going to determine India's future economy which in turn is going to determine the world's future economy".

"In India, we started nurturing the startup ecosystem 2016 onwards under the leadership of our Prime Minister, and today, we have risen to be the third largest startup ecosystem in the world in just five-six years which is not a very big time," Singh said at an event on startups organised by PHD Chamber of Commerce and Industry.

Anupriya Patel, Union Minister of State for Commerce and Industry, said Indian startups are actually scripting history and have astonished the whole world in a very short period of time.

"Today, the new India is not looking for a secure future. It is ready to take risks, innovate and incubate. And this is why in around 2014...we had some 100, 200 to 400 startups but today in a short span of time, this figure has risen to some 70,000 plus startups," she said.

"We have startups not just in the cosmopolitan cities, but more than 50 per cent of them are today to be found in tier 2 and tier 3 cities and we have to expand this and the government is leaving no stone unturned," Patel said.