There are already more than 80,000 startups registered with the union government.
According to Goyal, over a million individuals are involved directly, and “many million more” are involved indirectly by Indian startups.
From $27.3 Bn in the same time last year to $21.7 Bn in the first three-quarters of CY22, funding has dropped by more than 20%.
Union Minister Piyush Goyal praised domestic startups and estimated the ecosystem’s present worth at about INR 3 lakh crore.
“…the fact that we are probably 110-plus unicorns, about 75 or so soonicorns which are on their way to becoming unicorns, is truly a remarkable achievement. The last time we did a valuation of our startup ecosystem, it came to about USD 368 billion, that’s nearly three lakh crore rupees,” he was quoted as saying by the news agency PTI.
Additionally, he stated that the government now had more than 80,000 new companies registered.
Goyal delivered the remarks while speaking to a group of faculty, staff, and former students from the Indian Institute of Foreign Trade (IIFT), National Institute of Fashion Technology (NIFT), National Institute of Design (NID), and other institutions.
Over a million individuals were “directly engaged” by Indian companies, Goyal noted, and “many million more” were “indirectly engaged” by the ecosystem’s a whole.
“We have about over a million people directly engaged by them. Must be many million more who are indirectly involved in the entire startup ecosystem,” he added.
He said that the government will launch a digitalization effort to make all services available online and was working to improve patent offices. He discussed the numerous steps the government has taken to support entrepreneurs in the nation.