India is rapidly moving towards the century mark with 100-Unicorns
New Delhi: Prime Minister Narendra Modi on Saturday said with 42 new Indian start-ups’ joining the ‘unicorn club‘ last year, India is rapidly moving towards the century mark.
With close to 80 start-ups 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 start-ups has more than trebled from around $11 billion to $36 billion within a year. “Our start-ups are changing the rules of the game. That is why I believe start-ups are going to be the back bone of new India… the golden era of India’s start-ups is starting now,” the PM said while addressing the inaugural Start-up India Innovation Week.
Start-up India Mission was launched in 2016
He nudged start-ups 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 Start-up India Mission was launched in 2016, will henceforth be celebrated as National Start-up Day Apart from promoting entrepreneur. ship, the government also sees the new companies as major job creators Modi also interacted with start-up’s, 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 hand hold young innovators and enterprises Commerce and industry minister Piyush Goyal urged start-ups 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 823 billion in the first nine months… It shows the strength of our start-ups,” Goyal said.
Source : Times News Network
