Target to make Indian startup ecosystem among top three globally by 2030: ADIF

Target to make Indian startup ecosystem among top three globally by 2030: ADIF

New Delhi: A senior official of digital startup think-tank ADIF said on Wednesday that the organization has drawn up a plan to make the Indian startup ecosystem among the top three globally by 2030. For this, the emphasis will be on expanding the knowledge base, increasing cooperation and establishing the right policy framework.

Sijo Kuruvilla George, Executive Director, Alliance of Digital India Foundation (ADIF), said that the issues that startups face with Google Play Store and Apple App Store will be discussed to find a suitable path for both the parties. could. “We are now the third largest startup market globally and we have 50 unicorn startups. We are just behind the US (122) and China (92). We are the third largest in terms of size, but the Indian startup ecosystem ranks 20th in terms of ranking. 

"If we are the third largest in size, we should aim to be at least third in terms of rankings as well," said George. We aim to bring the Indian startup ecosystem to the top three globally by 2030.” He added that ADIF will look to form an alliance in the coming days, where a lot of knowledge can be shared. George said that at ADIF we will compile this knowledge and pass it on to our young entrepreneurs. Apart from this, there will also be a focus on advocating for formulating startup friendly policies. 


Foreign exchange reserves reached a new record, crossed the $ 612 billion mark

Foreign exchange reserves reached a new record, crossed the $ 612 billion mark

Mumbai: The country's foreign exchange reserves increased by $ 835 million to a record high of $ 612.73 billion in the week ended July 16, 2021. According to the data of the Reserve Bank of India, in the previous week ended July 9, foreign exchange reserves had increased by $ 1.883 billion to $ 611.895 billion.

According to the Reserve Bank's weekly data, the increase in foreign exchange reserves in the week under review is due to the increase in foreign currency assets (FCAs), which are a major component of the overall reserves. During this period, FCA grew by $ 463 million to $568.784 billion. Foreign currency assets, expressed in dollar terms, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves. 

Gold reserves increased by $ 377 million
According to the data, during this period, gold reserves increased by $ 377 million to $ 37.333 billion. At the same time, the Special Drawing Rights (SDR) with the International Monetary Fund increased by $1 million to $1.548 billion. The Reserve Bank said that during the week under review, India's foreign exchange reserves with the IMF declined by $ 7 million to $ 5.1 billion.