India aspires to become world's largest startup ecosystem: Piyush Goyal
Premium- The minister was addressing the UAE-India startup forum 2022
- He said that India today wants to move on from Unicorns to Decacorns
Crediting the government for India's “startup success story", Union minister for commerce and industry Piyush Goyal on Monday stated that the country now aspires to become the world's largest startup ecosystem.
“The startup success story is because the government has not interfered in your work. Some of the success stories of startups that we are hearing make us very proud. Hope that the startups that have showcased their ideas at the Expo 2020 in Dubai would have gone back enriched," Goyal said while addressing the UAE-India startup forum 2022.
“The success stories of Unicorns is something that makes Indians proud. Today we are the third largest startup ecosystem. Aspire to be the world's number 1 startup destination," he added.
The minister went on to say India today wants to move on from Unicorns to Decacorns.
“Hope that in the days ahead, a Hectocorn comes out of India. We are all a part of this aspirational India. We have many examples of successful startups, but we have at least 100X more," said Goyal.
He also informed that the deep tech adoptions are helping various sectors in India, including farming. “I look at startup entrepreneurs as people who look incisively at what is happening and look at how it can be improved."
In view of this, he asked the startup world to make a serious outreach into the lesser-known parts of India. According to Goyal, there are ample opportunities there that are found to give results to the entrepreneurs. “These are ideas from grassroots, where India really lives," he said.
Goyal said that to facilitate this, the government has created a robust ecosystem and is keen to work as a facilitator.
“As they say in cricket, the pitch is firm, well-rolled and will give you a good bounce when you go out to bowl. Also, it is a pitch that is good for batting. This 'jugalbandi' between entrepreneurs and investors should end in a draw for both to benefit," he said.
The minister then called on UAE to don the role of investors.
“UAE has a huge investible surplus in terms of investment ability. India has a huge market which makes it an attractive destination for those investments. Both nations are natural partners. This brotherhood between us will create many more opportunities," said Goyal.
“With the India-UAE partnership blossoming in the years to come, we are destined to play a very important role in the world economy and in ensuring a better future for billions of people around the world. This partnership will be a defining one of the 21st century," he added.
India had recognised over 14,000 new startups in 2021-22 against 733 in 2016-17. With this, the total number of recognised startups in the country surpassed 61,400.
During 2021, 555 districts had at least one new startup against 121 districts in 2016-17, as per the last Economic Survey.
India saw a record 44 startups turning unicorns in 2021. Unicorns are companies with over $1 billion valuation. India also overtook the UK to have the the third-highest number of unicorns after the US and China, which added 487 and 301 unicorns, respectively.
As of 14 January, India had 83 unicorns with a total valuation of $277.77 billion, according to the Survey. Most of these unicorns are in the services sector, which contributes over 50% to India’s GDP.
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