India aspires to become world's largest startup ecosystem: Piyush Goyal
- IBEF
- March 29, 2022
Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles credited the government for India's "startup success story", saying the country now hopes to become the world's largest startup environment. “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," he said while addressing the UAE-India startup forum 2022.
“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," he said. He also stated that deep tech adoption is beneficial to numerous areas in India, including agriculture. In 2021-22, India recognized almost 14,000 new startups, compared to 733 in 2016-17. With this, the country's total number of recognised startups topped 61,400. According to the most recent Economic Survey, 555 districts had at least one new startup in 2021, compared to 121 districts in 2016-17.
According to the Survey, India had 83 unicorns with a total worth of US$ 277.77 billion as of 14 January. The services sector, which accounts for more than half of India's GDP, is home to the majority of these unicorns.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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