Vision ‘100 Cube’ could turn Odisha into a startup hub

livemint.com:

₹100 crore by 2036—a momentous year for Odisha as it will complete 100 years of statehood. India ranks among the world’s top three countries assessed in terms of startup ecosystems, and is expected to see a consistent year-on-year growth of 12-15%. India’s youthful demographic advantage serves as a fertile ground for startups.

India has witnessed record foreign investment (FDI) flows in recent years, reaching a staggering $71 billion in 2022-23, a figure that is expected to hit $100 billion in 2023-24, with substantial portions of it going into innovation and entrepreneurial ventures. Startups have witnessed exponential growth since early 2016, after Prime Minister Modi launched the Startup India initiative. The number of recognized startups in India had reached 117,000 by the end of 2023, compared with only 400 in 2016.

These startups have created nearly 1.3 million direct jobs and other positive spin-offs for the economy. The Union budget has extended tax benefits for startups, providing a fillip to this sector. Our government already had a 100% tax rebate scheme for eligible startups on profits made for three years over a 10-year operation period.

This year’s budget also earmarked a significant ₹1 trillion fund, with a 50-year interest-free loan, dedicated to nurturing India’s new-age technology-savvy startups. Odisha, historically known as a hub of innovation and commerce, boasts a rich legacy from the Kalinga Empire and its significant contributions to astronomy by scholars like Pathani Samanta. Its ancient seafaring culture positioned it as a critical player in maritime trade and innovation in commercial activities such as shipbuilding.