PIB | 29 Jun, 2022
Genie of Innovation is out of the Bottle and soon there will be 1000s
of Unicorn in India in the near future”, said Rajeev Chandrasekhar,
Minister of State for Electronics & Information Technology and Skill
Development & Entrepreneurship as he interacted with students and
Startups at the CVM University at Anand in the forenoon and MSU at
The Minister mentioned about how India is at an inflection
point and has an upward momentum as it emerges a reformed &
resilient Nation - Post Covid, and also world’s most vibrant startup
Indian economy, after taking a hit initially during Covid, is now the
fastest growing major economy in the world. It has received highest FDIs
( over $80Bn ) & sets new records of Goods exports ( $400 Bn )
& services exports ( $254 Bn ) .Today, India has crossed 100
Unicorn mark where 42 Unicorns came up in the year 2021.
why this surge in Startups and unicorns now, Minister mentioned that the
Narendra Modi Government, over the last 8 years, has created an
enabling environment by scrapping old laws - ensuring ease of doing
business, initiating Banking & Financial sector reforms including
cleaning up of NPAs, expansion of Internet to 80 crore people, rapid
Digitalization of almost all sectors of economy and governance etc. have
all collectively led to a vibrant startup ecosystem.
a comparison with how state of affairs were Pre 2014, Minister quoted a
credit Suisse Report - House of Debt that reported around 98% of
India’s Banking systems’ Net worth were cornered by 9 or 10 big family
owned businesses in India. Today Hardwork, Grit, passion are the only
determinants of Success. The majority of Unicorns & Startups are
first generation entrepreneurs & do not have influential last names.
Minister answered questions posed by Startups and students as he was
interviewed by them on New India’s Techade of Opportunities. The
students and Startups had an engaging session with the Minister who
answered all their questions and queries inspiring them to contribute as
well as benefit from New India’s Growth Story.
Minister later in the evening met leaders from the industry, industry
associations, academia & professionals of Vadodara who warmly
received him and deliberated on how New INDIA is becoming a trusted
technology partner to the world in Digital products and services thanks
to the proactive policies of PM Narendra Modi.