Startups may be small enterprises, but they can have a significant economic influence. Because startups are beneficial to the country's economy, the government implements a number of measures each year to assist startups in growing through producing cash. Looking at the growth of startups in India, Prime minister Narendra Modi, declares 16th January as the National Startup Day. Over a gathering of 150 entrepreneurs PM Modi, announced this and termed “Startups” as the “Backbone” of new India. PM modi also pointed out that the current decade is also termed as “techade” in India and these startups will help in the economic growth of the nation.
PM Modi also pointed out that from mere number of 500, the country has grown to over 60,000 startups in just 5 years and said that these ventures are working across 55 industry sectors. Other than this, He also outlined evidence and figures that demonstrate the startup ecosystem is growing. According to PM Modi, 4,000 patents were awarded in 2013-14, with more than 28,000 patents granted in the last year alone. Approximately 7,0000 trademarks were registered in 2013-14, and more than 2.5 lakh trademarks were filed in 2020-21, according to the Prime Minister.
The 150 invited startups shared ideas and inputs on a variety of topics, including data collection mechanisms in agriculture, making India a preferred agri-business hub, boosting healthcare through technology, addressing mental health issues, promoting travel and tourism through innovations such as virtual tours, expanding ed-tech and job identification, and supporting the space sector, among others. Other ideas included, linking offline and online retail, enhancing manufacturing efficiency, increasing defence exports, and encouraging sustainable modes of transportation.
In turn, Prime Minister Modi highlighted the potential for startups to contribute more in fields such as semiconductor, drone, and defence manufacturing.
The DPIIT, Ministry of Commerce and Industry, is hosting the week-long event. The event also commemorates the six-year anniversary of the 'Startup India' project.
PM Modi stated his government has taken steps to encourage entrepreneurship, including as scrapping the "angel tax," simplifying tax procedures, arranging government funding, permitting self-certification for nine labour and three environmental laws, and eliminating over 25 thousand compliances.
PM Modi also discussed the government's initiatives to support startups in the country, including Startup India, addressing the issue of 'angel tax,' simplifying tax procedures, securing government funding, allowing self-certification of nine labour and three environmental laws, and removing over 25 thousand compliances.
According to an Orios analysis, India is the world's third-largest base for unicorn companies, after the United States (487 unicorns) and China (301 unicorns). There were around 963 unicorn enterprises around the world, according to CB Insights. A unicorn is a term used in the venture capital industry to describe a privately held startup company with a value of 2 billion dollars. India has 83 unicorns with a total value of $ 277.77 billion as of January 14, 2022.
The most Indian unicorns were born in the years 2021, 2020, and 2019, with 44, 10, and 9 unicorns born each year, respectively. COVID-19 has wreaked havoc on the world economy, yet it is at this time that the resilient Indian entrepreneurs have worked tirelessly to not only contribute to the economy, but also to help with COVID-19 relief operations. More than ten unicorns are expected to be born in 2020. With 44 unicorns blasted into the ecosystem and many soonicorns waiting in line, the year 2021's motto was 'It's raining unicorns.'
Furthermore, a record number of Indian companies debuted on public exchanges last year, with eight startups raising $2.5 billion in total from public investors.