Startups

New decade will see birth and growth of home-grown multinationals in India: PM

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Prime Minister Narendra Modi on Saturday said the new decade (2021-30) will witness the birth and growth of many home-grown multinational firms in India, and that its startup ecosystem will leapfrog as a result of the reform initiatives of his government.

“In the last decades, we saw a lot of multinationals coming to India and grow here. This decade will see more home-grown multinationals. India’s strength will flourish, and remember, today’s startup is tomorrow’s multinational,” Modi said at the foundation laying ceremony of the permanent campus of IIM Sambalpur in Odisha.

He said many reforms initiated by his government in areas ranging from agriculture to space science will boost the startup culture and push the demand for quality managers to scale up businesses.

“Startups are coming up in tier-II and tier-III cities in a big way. These companies started by our youth need more quality managers. In new areas, management experts will take Indian firms to new heights. This year, despite covid-19, I have read, India has produced more unicorns.

“The farm to space reforms will increase the scope for startups. You have to get ready for these new opportunities,” Modi said in his virtual address.

Referring to the rich natural resources of Odisha, he said IIM Sambalpur students and professionals should promote local products as global brands, and help in their better management.

He said mine and minerals of Sambalpur and adjoining regions of Odisha, and resources such as the Hirakud dam, the nearby sanctuary, the tourism potential, the Sambalpuri textile and fabrics, handicraft, and jewellery sector in Odisha will all offer management graduates and professionals a practical lab and asked them to take it up as their responsibility to promote them.

He said the concept of top-heavy and top-down leadership and management culture is gradually giving way to “collaborative and transformative leadership”, where bots and algorithms “are with you as team members”. “Hence, technology management is equally important,” he said.

Management education is not just about managing companies but also about life and people, Modi said. He gave the example of PM Jan Dhan account and PM Ujjwala schemes of his government, and how it has touched millions of families.

Announced in 2015, IIM Sambalpur is currently running from a state university campus and is expected to shift to the permanent campus by July 2022. It shall come up on 200-acre plot given by the state government, and the Union government is spending Rs400 crore on the project.

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