Last year, 42 unicorns came up in the country. These companies worth thousands of crores of rupees are the hallmark of self-reliant and self-confident India,” the prime minister said.

PM Narendra Modi in a video conferencing with more than 150 Indian startups on Saturday, described them as the “backbone of India” and said with 42 new Indian startups joining the ‘unicorn club’ last year, India is swiftly moving towards its century mark.

PM Modi in the video conference said, “our startups are changing the rules of the game. This is why I believe startups are going to be the backbone of new India. The golden era of Indian startups is starting now.

indian startups
Source: ANI (Representative Image)

The startups gave presentations to Modi by dividing them into 6 working groups with 6 major points as their agenda. They are “from local to global, technology of future, nudging the DNA, sustainable development, and building champions in manufacturing.”

After the presentation, Modi said the government is focussing on 3 major aspects. They are

  1. Liberating entrepreneurship and innovation from the web of government process
  2. Bureaucratic silos
  3. Creating an institutional mechanism to promote innovation and handholding young innovators and enterprises.

Commerce and industry minister Piyush Goyal requested startups to suggest ways that would reduce the regulatory burden. He said, ” I am given to understand that 2021 has seen over 1000 deals with a total funding of $23 billion in the first 9 months, showing the strength of our startups.”

With a total of 90 unicorns, India is the third-largest unicorn hub after the US, which has 487, and China with 301 such entities.

Investors are keenly watching the growth of these startups. India is expected to cross china to second place soon.

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