RBI: RBI Governor laid emphasis on startups, said – youth are now preferring to become entrepreneurs instead of working in MNC
New Delhi| Reserve Bank of India (RBI) Governor Sanjay Malhotra stressed on startups. He said that the mentality of the young generation of India has changed in the last few years. Now youth are preferring to become entrepreneurs instead of looking for jobs in multinational companies (MNCs).
He said that this growing culture of entrepreneurship has helped India build a strong start-up ecosystem. There are around 150,000 accredited start-ups in the country, supported by government initiatives such as Start-up India, Digital India and Atal Innovation Mission.
The RBI Governor said India now has the third largest number of unicorns in the world, many of which are emerging from high-tech sectors such as artificial intelligence, fintech and renewable energy. India has also improved its position in the Global Innovation Index. It has climbed from 81st place in 2015 to 39th place in 2024. India now ranks first among lower-middle income countries.
He said that it is heartening to know that India is rapidly becoming a country of job creators rather than job seekers. Digitization of various schemes like linking the public distribution system with Aadhaar has resulted in huge savings. Timely funding to state governments has also helped the central government better manage its cash flow. He also said that initiatives like Direct Benefit Transfer (DBT) have significantly improved the efficiency of government spending. Which has saved about US$40 billion as of March 2023.
