The Narendra Modi government is betting big on startups. In a panel discussion at the India Economic Summit moderated by CNBC-TV18’s Shereen Bhan, Department for Promotion of Industry and Internal Trade (DPIIT) secretary, Guruprasad Mohapatra said that there were around 50,000 registered startups and he expected the number to double in the next five years.

Mohapatra said, “At the moment we have a little more than 50,000 registered startups with the DPIIT and that is the only way of registering them for availing all the benefits that come. We expect to reach another 50,000 by 2024.”

The DPIIT secretary also said that there was a positive mood among startups and that they have tremendous growth potential.

When asked if regulations curbed innovations in the startup sphere, Mohapatra said that in a market economy, regulations were required.

The panel also had Aditya Ghosh of Oyo who agreed with Mohapatra. He said that regulations helped in creating a level playing field. Ghosh also spelled out the startup world’s wish list. Ghosh said that there was a need to create more opportunities and that the cost of access needs to be lowered to encourage new entrepreneurs.

First Published:Oct 4, 2019 7:10 PM IST