Commerce and Industry Minister Piyush Goyal emphasized the pivotal role startups play in India's journey towards becoming a developed nation by 2047. Official data reveals that the country now boasts 112 unicorns with a combined valuation of $350.71 billion. Goyal commended the significant progress made in the startup sector over the past eight years, stating that startups have evolved from a novelty to an integral part of the national mainstream.
During the Startup State Ranking Awards (SRF) function in New Delhi, Goyal recognized four states—Gujarat, Karnataka, Kerala, and Tamil Nadu—as top performers among states with a population of over 10 million. Himachal Pradesh stood out as the best performer in states with a population of less than 10 million.
As of December 31, 2023, India witnessed a surge in registered startups from 400 in 2016 to 1,17,254 across 57 industry segments. Notably, 48% of these startups have at least one woman director, reflecting growing diversity. The Startup India initiative, launched by Prime Minister Narendra Modi on January 16, 2016, has played a crucial role in fostering a robust startup ecosystem.
The data highlights that recognized startups have generated over 1.24 million jobs, with 50% originating from Tier II and Tier III cities. India ranks as the third-largest unicorn nation globally, with e-commerce and fintech, enterprise tech, consumer services, media and entertainment, EdTech, and logistics as the top five unicorn segments.
Minister Goyal underscored startups' contributions in sectors like medtech, fintech, agrotech, drones, and simulators. He identified tourism as an untapped sector with potential and encouraged entrepreneurs to explore innovative ideas in sustainable tourism.
Goyal expressed confidence in the entrepreneurial spirit across age groups, urging individuals to actively engage in the startup ecosystem. Regardless of age, he emphasized that every person has the potential to contribute to India's growth. Goyal appreciated achievements in sectors like millet and food processing, urging startups to focus on emerging areas such as artificial intelligence (AI) and revolutionize existing ways of working.
