STPI Targets Growth Amidst Global Challenges with Expansion and Support for Startups

Startup News Startup news india

Posted by pallavi on 2024-08-09 07:55:59 |

Share: Facebook | Twitter | Whatsapp | Linkedin Visits: 92

---

Kolkata, Dec 2 (PTI) — Despite ongoing geopolitical tensions, including the Ukraine-Russia conflict, the Software Technology Parks of India (STPI) is optimistic about achieving a 10-12 percent growth in IT exports from its existing 63 centers across the country this fiscal year. Director General Arvind Kumar shared this forecast in an interview with PTI at Infocom 2022.

In the 2021-22 financial year, STPI centers generated IT exports worth Rs 6.28 lakh crore. Kumar expressed confidence that this year’s target is attainable, citing India’s strong reputation as a reliable source of IT and IT-enabled services. He highlighted that even during the Covid-19 pandemic, software export growth exceeded 20 percent.

STPI, operating under the Union Ministry of Electronics and Information Technology, supports IT companies and startups by offering space and plug-and-play infrastructure. The organization is in the process of expanding its footprint by adding 12 new centers, primarily in tier-II and tier-III cities. Kumar stated, “In addition to our 63 existing centers, we are setting up 12 more facilities. Infrastructure development is underway, with completion expected by the end of the next financial year.”

Of the 12 new centers, five are anticipated to be operational by March 2023, another five by December 2023, and the final two by March 2024. Kumar emphasized that global geopolitical issues, such as the ongoing war between Ukraine and Russia, are unlikely to significantly hinder India’s IT export prospects. He pointed out that India remains a trusted partner in the IT sector and highlighted the substantial growth seen during the pandemic.

STPI’s commitment to supporting IT and IT-enabled services extends beyond infrastructure. The organization is focused on enhancing the entrepreneurial ecosystem through its Centers of Entrepreneurship (CoEs). Kumar noted that STPI has established 21 CoEs across India, with plans to add four more by December 2023. These CoEs are domain-specific, equipped with specialized lab equipment to support startups in various industries. For instance, the CoE in Pune specializes in the automobile sector, while the Lucknow facility focuses on medical electronics.

Among the 21 CoEs, seven are located in the northeast region of India, ensuring that each state in this area benefits from STPI’s resources. Kumar also revealed that STPI is creating market access opportunities for startups incubated in its centers. “We have taken around 60 startups to the Bangalore Tech Summit and plan to select 40 more to showcase their products in the US. This exposure will help them secure market access and necessary funding for growth,” Kumar explained.

Furthermore, STPI provides seed funding of up to Rs 25 lakh to startups as part of its handholding initiatives. The organization aims to offer such funding to 300 startups by December 2023, having already supported 65 startups to date.

Kumar concluded, “Our investment in infrastructure this year exceeds Rs 100 crore, with plans to increase this to Rs 120 crore next year. We remain committed to strengthening the IT ecosystem, promoting entrepreneurship, and driving innovation across India.”

Go!