In the last nine years, the number of startups in India has grown rapidly, by 300 times, according to Dr. Jitendra Singh, Minister of State Science & Technology, Minister of State earth sciences, MoS PMO, Personnel, Public Grievance, Pensions, Atomic Energy and Space who spoke at a recent event at Rashtrapati Bhavan, New Delhi.
The event where “National Innovation Awards” were presented to “Grassroot Innovators”. The awards were handed out by the President of India, Droupadi Murmu.
Dr. Jitendra Singh expressed that “The government is committed to further supporting the startup ecosystem, by providing various schemes and incentives, such as tax exemptions and funding opportunities.”
He further appealed to startups to focus on creating innovative and sustainable solutions that can help address the country’s various social and economic challenges.
Dr. Jitendra Singh highlighted the government’s efforts in promoting startups and entrepreneurship, such as the Startup India initiative, which was launched in 2016 to provide a conducive environment for startups to grow and thrive.
He also acknowledged that India has now become the world’s third-largest startup ecosystem, with over 50,000 startups, 34 unicorns, and a total valuation of $130 billion.
The growth of startups in India has not only created numerous job opportunities but has also brought speed to economic growth and development. Startups have been instrumental in driving innovation in sectors such as healthcare, education, agriculture, and e-commerce, among others.
Startups in India have played a key role in driving innovation across various sectors, including healthcare, education, fintech, e-commerce, and more. Despite the challenges posed by the COVID-19 pandemic, the Indian startup ecosystem has stood strong and continues to attract significant investment and attention from global investors.
According to a recent report by Nasscom, the Indian startup ecosystem is expected to reach a valuation of $1.2-1.5 trillion by 2025, with the potential to create 40-50 unicorns. The growth of startups in India has been phenomenal, and with continued support from the government and investors, the Indian startup ecosystem will give a boost to economic growth and development in the country.
