Union Minister Shri Piyush Goyal has exhorted entrepreneurs to focus on maintaining world-class quality, unique selling proposition or USP of their products and minimise their dependence on the government, to achieve long-term success of their businesses.
Shri Goyal was interacting with Startup founders and students during the North East Entrepreneurs Dialogue-Accelerating the Startup Growth Engine at Sikkim Manipal Institute of Technology in Majhitar, Sikkim today.
Shri Goyal shared the IT sector’s success story in India without any significant government intervention as well as his own entrepreneurship experience to establish his points. He also pointed out that following the removal of subsidies, the LED bulb industry in India expanded from selling 6 lakh units annually before 2014 to selling around 6 lakh units on a daily basis, besides reducing per unit costs drastically. Citing this example, he also urged entrepreneurs to focus on the scale of production.
The minister urged all present to work towards maintaining the sanctity of Sikkim’s 100 per cent organic state status, stressing on increasing the state’s organic product exports from $1 million to $1 billion. He also reiterated that the centre is ready to set up extension campuses of the National Institute of Design and The Indian Institute of Packaging to help entrepreneurs. Addressing issues faced by entrepreneurs in Sikkim, he assured to take up challenges related to air and road connectivity with his cabinet colleagues. He also appreciated the idea of setting up IT hubs in the Northeast region, which would be a win-win situation for IT companies as well as the local talent base.
Earlier, Shri Goyal visited stalls showcasing products developed by startups from across the northeast region at the Atal Incubation Centre, SMU Technology Business Incubation Foundation at the Sikkim Manipal Institute of Technology. Sikkim Power Minister Shri MN Sherpa, Soreng MLA Shri Aditya Golay and Dr. (Lt. Gen.) Rajan S Grewal Vice Chancellor Sikkim Manipal University were also present, among others.