"My brother has committed suicide, I think," said a familiar voice on a phone call in the early morning.
"Oh god, what happened?" I asked.
"He had pledged our family home to a bank to borrow money for his startup and then he couldn't repay the loan. So, the bank possessed the home and has asked all our family members, including our old grandparents, to vacate it... and they have nowhere else to go! I think that's why he has swallowed some pills and is not waking up today!"
I was so shocked that I found myself speechless; mercifully, my friend disconnected the phone, leaving me in a deep reverie. I, like most others in today's world, look at startups as the solution to all modern economic challenges: Create quality jobs, grow the economy, protect our economy from foreign tech marauders... the list of our expectations from startups is never-ending.
The government has jumped in equally enthusiastically: Its Startup India Mission in 2022-23 saw nearly 23,000 units getting registered and statistics for the current year indicate even more are registering. In addition, practically every IIT (Indian Institute of Technology) and IIM (Indian Institute of Management) and similar educational institutions have launched their own startup centres! We, Indians, have caught the startup fever!
This story is from the November 04, 2024 edition of Business Standard.
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This story is from the November 04, 2024 edition of Business Standard.
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