India to Emerge as Startups Hub by 2023: K S Bhatia

By 121 News

Chandigarh 19th July:- India is the land of opportunities as it will emerge as the startup hub by 2023. Investors should invest more on startups and startup communities, as Indiais a land of opportunities, said Pumpkart Founder and CEO, K S Bhatia at a high powered Global  event  at the United Nations Headquarters.

K S Bhatia who is from Chandigarh, was representing the country at the SDG(Sustainable Development Goals) Business Forum held at the United Nations headquarters. It is one of the World's major business led events. He was a leading panelist, an official speaker, along with some other prominent speakers like John Denton, Secretary General of International Chamber of Commerce, Arancha Gonzalez, Executive Director of International Trade Center and many more.

The goal of SDG Business event is to eradicate poverty and promote good health and sustainable communities.

Stressing on the role of SMEs and entrepreneurship, K S Bhatia said that to empower SMEs we need to educate the people. SMEs are the backbone of global economic activity and play a crucial role in alleviating poverty ensuring inclusive economic growth. Apart from generating employment and wealth, they play a critical role in equitable distribution of growth. Undoubtedly, they face constraints in resolving various financial and taxation issues. They also feel handicapped by skill gaps, poor technology, regulatory complexities and trade barriers. He hope the challenges being faced by the SMEs will be addressed soon to enable them realize their full potential and to play a bigger role in the country's economic prosperity.

It was also emphasized that in order to promote the SMEs, initiatives should be taken and startup companies should come forward. The main reasons why many startups are failing is that they lack innovation and are deprived of resources required for training and exposure.

Pumpkart's Founder further said that at present India is having near about 15,000  startups, but very soon the country will become a hub of startups, as they are growing up at a fast rate. By 2023, India will be having around 1.5 lakh startups. To encourage the startup culture, we need to formulate and implement proper policies, which already exist in many other countries.