The Number of Unicorns in India Reached 100 This Month, Matter of Pride for All Indians:” Modi
NEW DELHI, May 29: Highlighting that Indian start-ups have been creating wealth and value even during the Covid-19 pandemic, the Prime Minister Narendra Modi on Sunday said the country has reached a landmark figure of 100 unicorns with a valuation of more than 300 billion dollars.
In his monthly ‘Mann ki Baat’ radio broadcast, Modi pointed out that on the fifth of this month the number of unicorns in India reached the 100-mark. “One unicorn means a start-up of at least ₹7,500 crore turnover. The total valuation of these unicorns is $330 billion, that is over ₹25 lakh crore. Surely it is a matter of immense pride for every Indian,” the Prime Minister said. He also said Indian unicorns were diversifying and the world of start-ups is reflecting a spirit of new India as the country’s start-up ecosystem is not limited to just big cities but entrepreneurs are emerging from smaller cities and towns as well. “This shows that in India, the one who has an innovative idea, can create wealth,” Modi said.
He pointed out that a record 44 unicorns were established last year amidst the pandemic. “You will also be surprised to know that out of our total unicorns, forty-four came up last year. Not only that, 14 more unicorns were formed anew in three-four months this year. This means that even in this phase of the global pandemic, our start-ups have been creating wealth and value,” he said.
Modi highlighted that the average annual growth rate of Indian unicorns is more than those of the USA, UK, and many other countries. “Analysts also say that in the coming years there will be a sharp spike in these numbers. The good thing is that our unicorns are diversifying. They are operating in many fields like E-commerce, Fin-Tech, Ed-Tech, Bio-Tech,” Modi said.
Modi further pointed out that in the world of start-ups, the right mentoring is important. “…behind this success of the country, the youth-power of the land, the talent and the government here, all are putting in efforts together… Everyone is contributing. But, another thing that is important in the world of start-ups is, right mentoring, that is, the right guidance. A good mentor can take a start-up to new heights… can guide the founders in every way toward the right decision. I am proud that many such mentors in India have dedicated themselves to promote start-ups,” Modi said.
(Manas Dasgupta)
