Railways, 5G, IoT are huge opportunities for startups: Railway Minister

BENGALURU: Words like entrepreneurship, startup and bootstrap have today become common lingo in India which signals a complete change in the vocabulary and culture of the country, said Ashwini Vaishnaw, minister of railways, communication, electronics and IT, on Saturday at the ET Startup Awards function in Bengaluru. Vaishnaw was among a host of ministers and startup founders and executives who were part of the annual event.
Vaishnaw said the government’s attitude towards the railway sector has changed and said startups will be equal partners for the growth of Indian Railways. “We want companies to start with the problem statement, come to us with the proof of concept, develop the product and then build upon that and the government will guarantee you investment during the development phase. We will also guarantee that the government will buy the product and help build your business during the most difficult phases of any startup’s journey,” he said.
The minister added that there’s a huge transportation market outside India and encouraged startups to export their products after developing them for India. He said 5G will also create a plethora of opportunities for startups, including in machine-to-machine interaction or the IoT space.