He also said that the government is also working on an e-commerce policy and the draft of the policy should be out soon.
More and more individuals are setting up companies based on great ideas and technological expertise even when they don't have huge amount of capital, said Suresh Prabhu, Minister of Commerce and Industry on November 29, adding that this phase of entrepreneurship is going to create growth and employment in the country.
"Once upon a time, there was a perception in India that only those with a lot of capital or connections could start a business. Today, however, this paradigm has changed completely. Most startups are being founded by those who have great ideas, passion, vast capabilities and technological expertise. This phase of entrepreneurship is what will create real growth and more employment. Startup India hasn't just taken off, it is flying and we are looking forward to more startups that will solve the country's problems and create widespread development while building business success for themselves," said Prabhu while speaking at TiE Global Entrepreneurship Summit.
Prabhu added that the entrepreneurship ecosystem is flourishing in the country. He also said that the government is also working on an e-commerce policy and the draft of the policy should be out soon.
Vijay Shekhar Sharma, founder and chief executive officer of Paytm, who was also present at the event, said that there wasn't a better time to be an entrepreneur than now. According to Sharma, the country’s start-up ecosystem was brimming with opportunity and it was easier to raise a billion dollars here than anywhere else in the world.