News Brief
'Unicorns And Decacorns Of The Future': Here's What PM Modi Said At Startup Mahakumbh In New Delhi
Prime Minister Narendra Modi (Sonu Mehta/Hindustan Times)
India has secured its position as the world's third-largest startup ecosystem, Prime Minister Narendra Modi said at the Startup Mahakumbh event on Wednesday (20 March).
Modi mentioned that this milestone signifies a crucial step towards India's aspiration to evolve into a developed nation by 2047.
Addressing the audience, the Prime Minister lauded the remarkable expansion of India's startup culture, noting its penetration beyond metropolitan cities.
He highlighted “This growth is not limited to metro cities; it has become a social culture, with young entrepreneurs bringing their innovations to small cities as well."
“This is indeed a Mahakumbh in its truest form creating an unprecedented energy and vibe," PM Modi said.
The Prime Minister mentioned experiencing the same vibe when he was visiting the sports and exhibition stalls where people showcased their innovations with great pride.
“Any Indian visiting the Start-up Mahakumbh will witness the unicorns and decacorns of the future”, PM Modi said.
According to official estimates, as of 31 December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized approximately 117,254 startups, including a count of 110 unicorns.
These startups collectively have contributed to the creation of over 1.24 million jobs.
Minister Piyush Goyal, also present at the event, underscored the pivotal role of startups in nation-building.
He said that, “This year, over one lakh patents have been granted in India, with 50 per cent of them representing Indian innovations. In the field of Intellectual Property Rights (IPR), India is moving towards becoming the leading country among the top countries."
It's noteworthy that the Startup Mahakumbh, organized in collaboration with various industry bodies and associations has received support from key government entities including DPIIT, MeitY Startup Hub, and Invest India.
Also, DPIIT-recognized startups are eligible for various incentives under schemes such as the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS).
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