March 21, 2023

PM: India rapidly moving towards 100-unicorn mark | India News – Times of India

NEW DELHI: Prime Minister Narendra Modi on Saturday said with 42 new Indian startups joining the ‘unicorn club’ last year, India is rapidly moving towards the century mark.
With close to 80 startups with a valuation of over $1 billion, India is home to the third-largest number of unicorns, with several more set to break into the big league during the coming months as investors chase profitable bets. The government has estimated that annual funding in Indian startups has more than trebled from around $11 billion to $36 billion within a year. “Our startups are changing the rules of the game. That is why I believe startups are going to be the backbone of new India… the golden era of India’s startups is starting now,” the PM said while addressing the inaugural Startup India Innovation Week.
He nudged startups to expand their footprint across the globe, while also asking them to “innovate for India, innovate from India” and listed out areas ranging from urban planning, defence and Gati Shakti as possible areas where they could help contribute to the economy in a major way. He also announced that January 16, when the Startup India Mission was launched in 2016, will henceforth be celebrated as National Startup Day. Apart from promoting entrepreneurship, the government also sees the new companies as major job creators.
Modi also interacted with startups, which made a presentation on six themes – Growing from Roots, Nudging the DNA, From Local to Global, Technology of Future, Building Champions in Manufacturing, and Sustainable Development. Modi said the government is focusing on three aspects – liberate entrepreneurship and innovation from the web of government processes, bureaucratic silos; create an institutional mechanism to promote innovation and handhold young innovators and enterprises.
Commerce and industry minister Piyush Goyal urged startups to suggest ways to reduce the regulatory burden to further provide a thrust.
“I am given to understand that 2021 has also seen over 1,000 deals with a total funding of $23 billion in the first nine months… It shows the strength of our startups,” Goyal said.

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