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PM Narendra Modi has called for becoming an “Atmanirbhar” Bharat comes as an encouragement to the local industry and entrepreneurs. The message was quite clear. In all sectors, be it manufacturing, healthcare, service, etc. we need to look for local options rather than going for imports or opting for outsourcing. Due to Covid-19 spread, we saw a jerk in our growth story. To revive, we need to create more than 10 million jobs annually. Global researches and experts say that such a mammoth target can be achieved by having more startups only. Role of Startups in Making India “Atmanirbhar” is undeniable. It is not the big companies and giants of the business who can create such opportunities but the young and next-gen entrepreneurs can do it. Startups are the key here to revive the economy and make India a self-reliant country. Startups are not just another new business but they bring added value to society. It solves the problems that never addressed before. It creates jobs, demand, and run the economic cycle. Startup companies are the most dynamic economic organisations as they bring more competitiveness and vigilance on the table.
There is no doubt that startups and innovations are the drivers of India’s growth story. It gives us a chance to shed our independence on imports. They not only contribute to India’s GDP but also benefit society at large. We constantly need to take inspiration from our own success stories. For instance, Adivasi Women in Chhattisgarh is one of the leading examples of How Startups are important to economic growth. As Covid-19 spread globally, there was a shortage of hand sanitisers. Women from Chhattisgarh made ‘Madhukam’, a brand of herbal hand sanitiser developed under the guidance from Samarth Jain, a scientist, researcher, and a consultant. ‘Madhukam’ is made from the base of the traditional mahua brew, which is an integral part of Adivasi life and culture. Earlier, the mahua brew prepared by the women would be used for making alcohol at home using traditional methods. The innovation of using the ingredient of making an alcohol for consumption into the hand sanitizer was remarkable. Now this innovation has eliminated the dependency on big brands, generate local employment, increase their confidence level, contributing to women empowerment, and last but not least doing the overall good for the society.
Another example of Bengaluru based Startup, Bellatrix Aerospace that has put forward the solution for the biggest constraints in space technology - the cost and weight of fuel. The company has developed an indigenous electric propulsion system for satellites, called Microwave Plasma Thrusters (MPT). As per a few reports, it can take bigger payloads into space at a reasonable cost. It is eco-friendly and a cleaner alternative to the existing electric propulsion.
Such innovation in the field of science and society, it is clear that the Role of Startups in Making India “Atmanirbhar” gonna be crucial. At Swarrnnim Startup and Innovation University, we put our focus on two dimensions. 1) Promoting startups and innovations that can positively transform society, and 2) Ensuring adequate manpower should be there to support the industry and startups with an excellent education. We have realised long back that How Startups are important to economic growth.