India is leading in the world in startup domain
India now has more than 70 unicorn startups
Turning the spotlight on the importance of startups, Prime Minister Narendra Modi said on Sunday that India is, in some ways, leading the world in this domain, and that this could be a defining moment in India’s success story. The country now has more than 70 startups or unicorns with valuations exceeding $1 billion. In his radio programme Mann Ki Baat, the Prime Minister stated that in every country with a large youth population, three factors, “ideas, innovation, and the can-do spirit,” are extremely important.
“When these three things combine, phenomenal results are produced, miracles happen,” he said. “These days, all we hear about from every corner is about startup, startup, startup. It is true, this is the era of startup, and it is also true that in the world of startup, India is leading in a way in the world today. The reach of startups has increased even in small towns of the country,” Modi pointed out.
The term “unicorn” is a popular word use to define startups with a valuation of at least $1 billion, or more than Rs 7,000 crore.“Till 2015, there used to be hardly nine or ten unicorns in the country. Now India is flying high even in the world of unicorns. According to a report, a big change has come this year. In just 10 months, a unicorn is being raised in India every 10 days,” Modi said. He drew attention to the fact this achievement is also big because India’s youth have achieved this success in the midst of the corona pandemic.
“Today there are more than 70 unicorns in India. That is, there are more than 70 startups that have crossed the valuation of more than $1 billion,” Modi added. Sharing that Indian youth are also contributing to the solution of global problems through startups, the PM met with Mayur Patil, who, along with three college friends, proposed a solution to the problem of pollution by introducing technology that allowed him to reduce bus emissions by 40%.