Startups are engines of innovation and economic growth: MeitY Secretary

New Delhi, March 22: Startups are the engines of innovation and economic growth and their disruptive spirit, agility and commitment to solving real-world challenges are shaping India’s future, S. Krishnan, Secretary, MeitY, has said. He was speaking at ‘STPI SANGAM’ event in the national capital which brought together startups, investors, mentors and industry leaders. About 44 per cent of startups, nurtured by the Software Technology Parks of India (STPI) which is an autonomous body under MeitY, consists of women entrepreneurs many of whom come from tier 2 and 3 cities.

According to Arvind Kumar, Director General, STPI, Under the IT Ministry’s Next Generation Incubation Scheme (NGIS), STPI has supported 685 startups, provided seed funding to 136 startups, and created over 7,000 jobs. At the event, S. Krishnan, Secretary, MeitY, emphasised the pivotal role of startups in shaping India's economic future. “Through initiatives like NGIS and platforms like STPI SANGAM, we are not just supporting startups but creating an ecosystem where ideas transform into impactful businesses. The government is committed to nurturing this landscape, enabling entrepreneurs to scale, innovate, and drive India's global competitiveness,” said Krishnan.

One of the key highlights of the event was the launch of ‘Open Challenge Programme (OCP) 6.0’ of STPI MedTech Centre of Excellence (CoE), Lucknow, in collaboration with SGPGIMS Lucknow, STPI, AiMeD and AMTZ. The initiative is designed to empower health-tech startups, helping them tackle real-world challenges in medical equipment, electronics, and health informatics. According to Kumar, inclusiveness is the foundation of a strong innovation ecosystem.

“Every startup, whether from metropolitan cities or smaller towns, deserves a platform to grow. It is our responsibility to nurture their aspirations and provide them with the resources they need. We are not just honouring startup success stories today; we are also reflecting on how we can improve, refine our policies, expand our outreach, and ensure that our startup ecosystem reaches its full potential,” Kumar noted.

K.K. Singh, Joint Secretary, MeitY, also highlighted the importance of fostering a robust innovation ecosystem, stating that by accelerating startup growth, India can unlock new opportunities, create jobs, and achieve economic self-reliance. “India’s startup ecosystem is witnessing unprecedented growth, and STPI has played a critical role in fostering this transformation. NGIS has been a game-changer, providing vital funding, mentorship, and market access to emerging startups,” he stressed.