On Sunday, 28th Nov., Prime Minister Narendra Modi said in his monthly radio address Mann Ki Baat, that India has become home to high-value start-ups, with more than 70 of them achieving unicorn status, and the funds now they raised from both domestic and international investors were unimaginable just a few years ago. Unicorns are companies with a market capitalization of $1 billion or more. Even in small towns across the country, the number of start-ups and unicorns is on the rise.
“There were just 9 to 10 unicorns before 2015, but India is currently flying high in the unicorn world.” According to a recent report, “a huge change has arrived this year; a Unicorn was built in India every 10 days in just 10 months,” Prime Minister Modi said.
Also Read: List of Unicorn Start-ups in India
In the midst of the pandemic, he added, it was a significant achievement for our youth. “Today, India has more than 70 start-ups with a market capitalization of more than $1 billion. Everyone has observed our start-ups’ success and the support they’ve received from investors across the country and overseas… “It seemed unimaginable just a few years ago,” the Prime Minister stated.
Earlier this year, the Indian government launched Startup India, a flagship programme aimed at facilitating funding, investment, tax breaks, and industry-academia incubation for companies in industries such as agriculture, manufacturing, healthcare, and education.
He urged the youth to become job creators, saying that in a country with a large young population, three characteristics, namely ideas and creativity, a willingness to take chances, and a can-do attitude, are the three elements that led to success stories.