India's startup growth to pave the way to a developed nation by 2047: Prime Minister, Mr. Narendra Modi

India's ascent to the world's third-largest startup ecosystem, lauded by Prime Minister, Mr. Narendra Modi, is viewed as a pivotal step towards the nation's development by 2047. He addresses the Startup Mahakumbh audience, highlighting the broadening scope of India's startup culture, extending its reach beyond urban centers to smaller locales, indicative of a burgeoning trend among young entrepreneurs. With approximately 117,254 startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) as of December 31, 2023, including 110 unicorns, these ventures have collectively generated over 1.24 million jobs, significantly bolstering the economy.

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Mr. Piyush Goyal, echoed the sentiment, emphasizing the indispensable role of startups in nation-building. India's strides in Intellectual Property Rights (IPR) were also underscored, with over one lakh patents granted this year, half of which represent Indian innovations. The collaborative effort behind the Startup Mahakumbh, supported by entities such as Assocham, Nasscom, and the Indian Venture and Alternate Capital Association (IVCA), signifies the government's proactive approach to nurturing the startup ecosystem. Through initiatives like the Bharat Startup Ecosystem Registry and schemes like the Startup India Seed Fund Scheme (SISFS), with a budget of US$ 113.6 million (Rs. 945 crore) over four years, startups receive comprehensive support aimed at fostering growth and innovation.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.