10/02/2021 - Indian Economy

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India has the third largest startup ecosystem in the world, with close to 50,000 startups. According to data provided by the Ministry of Commerce and Industry, 1,300 new tech startups were born in 2019.

To give fillip to defence sector

·        India needs to ramp up indigenous defence production not only for the sake of increasing export-driven manufacturing, but also for self-reliance.

·        The private sector in India has less than 5 per cent annual share of direct orders from the defence ministry for manufacturing.

·        India is currently the world’s second-largest arms importer, accounting for 9.2 per cent of the global arms imports between 2015-19.

·        India is the third-largest military spender in the world with its military spending at $71.1 billion in 2019.

·        When the technological prowess of our start-ups adds to our military might, it will be a win-win for citizens and soldiers as well as entrepreneurs and government officials committed to building self-reliance.

Defence Start up

·        The government’s Defence India Startup Challenges (DISC) also provides a platform for start-ups to supply innovative solutions to the armed forces.

·        The Indian economy has many examples of start-ups and the government working in tandem towards common policy outcomes.

·        In the retail sector, e-commerce companies are facilitating doorstep access to essential items at a time when the pandemic has made social distancing a reality.

·        In the education sector, start-ups are helping improve learning outcomes, within and outside government schools. 

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