Republic Economic Summit: MoS Chandrasekhar calls startups 'force-multiplier' of economy

Speaking on 'Aatmanirbhar Bharat and $1 trillion economy' at Republic's 'India Economic Summit 2021', Minister of State for Skill Development and Entrepreneurship and Electronics and IT Rajeev Chandrasekhar said that India has come a long way in the 19 months of COVID-19 and has become the fastest-growing major economy in the world. He also called startups the force multiplier of India's economy.

"The journey of India from July 2020 to today it has been a remarkable journey of steady hand by Prime Minister. A series of calibrated policy actions amidst absolute uncertainty," the Union MoS said.

"The doomsday prophets say what they say, but it's important for us to be proud of the journey India has gone on in 19 months. The best revenge is a success - there's no need to get into the heads of people who do what they do and say what they say - India is the fastest-growing major economy in the world, and we've managed to deliver one billion vaccine doses," he said at the Republic Economic Summit.

India produces unicorns at a rate of 2 each month

Chandrasekhar stated that the internet has become a force multiplier in the last 19 months. The digitisation of our lives has been so complete, it's a key requirement of Indians, Union MoS Chandrasekhar said. He also informed that India is producing unicorns at the rate of two every month. 

"Today you are in Nagaland in the northeast or Srinagar in the north or any district of India one of the key requirements of the citizen is the internet," Chandrasekhar said informing that 80 crore Indians are online, and 1,000 crore are going to be online in the next three years.

"Every Indian user on the Internet has to be guaranteed they are not discriminated against and they have right to privacy. There's no road for the state to censor," Chandrasekhar said.

Further, he said that the internet today is not what it was five years ago. "Rules and laws which have been absent in terms of keeping the growth of cyberspace, have to be in place," he said.

Republic Economic Summit: Union Minister clears air on the Crypto Bill

On the Data Protection Bill, the MoS said that the country under Prime Minister Narendra Modi is keen on delivering legislation that will guide the framework very soon. Furthermore, he informed that the suggested Crypto law does not ban cryptocurrencies and blockchain. "What it's done is that it has said there'll be a central bank digital. It's taken the speculation out."

Moreover, Rajeev Chandrasekhar called Aatmanirbhar Bharat a model that capitalises on Indian entrepreneurship. "Startups are the force multiplier for the Indian economy," he said.

Aatmanirbhar Bharat is a model that capitalises on Indian entrepreneurship. "Startups are the force multiplier for the Indian economy."

"Aatmanirbhar Bharat is the departure from the western style followed for many years. Our Prime Minister did not fall prey to the western economy saying stimulus, stimulus, stimulus," says Rajeev Chandrasekhar, adding that PM Modi instead capitalised on the business, the talent of India. "We can see how a sense of confidence has developed because of that," the Union Minister of State added. 

Image: Republic World