BENGALURU: Considering that job creation has become one of the biggest challenges in the Indian economy, the startup ecosystem can aid in creating jobs if incentivised. This was suggested for the Congress manifesto at an event held in the city on Sunday in the run-up to Lok Sabha elections.

At least 2,000 citizens had registered to speak at the consultation which was moderated by Prof Rajeev Gowda, former director of the Central board of RBI. Other suggestions ranged from strengthening MSMEs to developing agri technology for farmers.

Former finance minister P Chidambaram said till date around 100 such consultations across various sectors have been held. Dr M Govinda Rao, member of the 14th Finance Commission, said, “At least 37 per cent of the population is below 14 years of age and have no votes. Hence, increase in education and health outlay is required.”

In agriculture, he said, farm loan waivers and minimum support price alone won’t help unless soil health and irrigation facilities are improved and depleting groundwater resources is looked into.

Biocon MD and Chairperson Kiran Mazumdar Shaw said, “Bengaluru has the third largest startup ecosystem globally. We started 11,000 startups in the last three years alone attracting 17 billion investments. This generated 8 lakh jobs. Hence, we should provide incentives to grow this economy.”

Shanmukha Sundaram, past president, Federation of Indian Chambers of Commerce and Industry, said, “Micro, small and medium industries contribute to 40 per cent of the gross domestic product of the nation. In Karnataka women get 4 per cent interest loans. Everyone from MSMEs should get subsidy or interest free loans from banks.”

IISc professor Vijay Chandru said data is the new oil of the economy. “Technology and innovation can drive economic growth. With respect to information technology, the higher education system is not connected with translation of technology into industry. We need general purpose technologies but what we see is recombinant technology,” he said.