Startups Crucial in India’s Journey to Development: Piyush Goyal
New Delhi: Startups are playing a pivotal role in India’s journey towards becoming a developed nation by 2047, commerce and industry minister Piyush Goyal said on Tuesday as official data indicated that the total number of unicorns in India has risen to 112 with a valuation worth $350.71 billion.
Goyal highlighted the significant progress made in the startup sector over the past eight years, stating that what was once a novelty has now become an integral part of the national mainstream. He made these remarks during his address at the startup State Ranking Awards (SRF) function in New Delhi.
Gujarat, Karnataka, Kerala, and Tamil Nadu emerged as the best performers in the ‘Category A’ states, which have a population of over 10 million. Himachal Pradesh emerged as the best performer in the SRF 2022 awards under ‘Category B’ states, with a population of less than 10 million.
The latest data compiled by the commerce and industry ministry until December 31, 2023, shows that the total number of registered startups in India rose from 400 in 2016 to 117,254 across 57 industry segments. Of these startups, 48% have at least one woman director.
The Startup India initiative was launched by Prime Minister Narendra Modi on January 16, 2016, with the aim of building a strong startup ecosystem.
Recognized startups have created over 1.24 million jobs, of which 50% are from Tier II and Tier III cities, the data revealed. India is the third largest unicorn nation globally, with 112 entities in this category, having a combined valuation of over $350.71 billion. The key unicorn segments include e-commerce and fintech, enterprise tech, consumer services, media and entertainment, EdTech, and logistics.
During the function, Goyal acknowledged the substantial contributions made by startups in sectors such as medtech, fintech, agrotech, drones, and simulators. He also highlighted the untapped potential in the tourism sector and encouraged aspiring entrepreneurs to explore innovative ideas around sustainable tourism.
Goyal expressed confidence in the entrepreneurial spirit of both the young and old and urged them to contribute their unique perspectives and ideas to the startup ecosystem. He emphasized that age should not be a barrier to engaging with new ideas and fostering innovation. Goyal encouraged individuals, regardless of age, to actively participate in the startup ecosystem, stressing that every person has the potential to contribute to India’s growth.
Additionally, Goyal commended achievements in sectors such as millet and food processing and urged startups to focus on new areas such as artificial intelligence (AI). He encouraged them to come up with ideas that simplify life and revolutionize existing ways of working.
