Startups by young engineers have increased manifold, says scientific advisor

Around 75,000 startups have come up in 2020 alone, says Satheesh Reddy

September 30, 2022 06:57 pm | Updated 06:57 pm IST - VELLORE

Satheesh Reddy, Scientific Advisor to Defence Minister, addressing the graVITas 2022, science management festival in Vellore on Friday.

Satheesh Reddy, Scientific Advisor to Defence Minister, addressing the graVITas 2022, science management festival in Vellore on Friday. | Photo Credit: C. VENKATACHALAPATHY

Startups, especially those run by young engineers, have increased manifold in areas like drone manufacturing and space technologies, making the Union government to come up with a separate drone policy to support them in the country, said G. Satheesh Reddy, Scientific Advisor to Defence Minister, on Friday.

Speaking at graVITas’22, a three-day science management and technological festival organised by VIT on its campus in Vellore, Mr. Reddy said that around 75,000 startups had been set up in 2022 alone in the country as compared to only 471 startups in 2016.

Many such startups had also come up in the defence sector, manufacturing a variety of guns and armored tanks for the army. “This is a sea change. The rise in the number of startups shows that young minds prefer to stay in the country rather than move abroad for job opportunities,” he said.

He stressed for more indigenous production in all sectors rather than being a mere importer. Cyber technologies and anti-satellite tests were some of the areas where such indigenous production was being noticed. “We also have a target of achieving 25 percent of GDP in manufacturing from the existing 17 percent as it would create more jobs, revenue and turnover,” Mr. Reddy said.

VIT chancellor G. Viswanathan said that despite being the world’s fifth largest economy, India still lagged far behind in terms of per capita income, ranking 140th in the global table. This was mainly due to lack of sufficient fund allocation for education and research and development (R&D). For example, Israel provided 5 percent of its GDP for R&D; South Korea (4.8 %) whereas India spent only 0.7% for R&D.

At the festival, around 13,000 students would be participating in over 150 events that would be held till Sunday. On the occasion, Chitra Sukumar, Schneider Electric India (Bengaluru), and Deepankar Bhattacharya, Head - India & ASEAN Education, Autodesk (Bengaluru)., also spoke.

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