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Last updated: 22 Jun, 2024  

Exponential growth India's innovation ecosystem poised for exponential growth: Industry

Exponential growth
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The nation is expected to witness a minimum of 152 unicorns (with a valuation of $1 billion and above) emerging within the next 3 to 5 years. The number of unicorns in the country surged from four in 2015 to over 100 in 2024, with more than 1.25 lakh startups.

Prime Minister Narendra Modi has reaffirmed the government's dedication to creating a favorable environment for startups to thrive, particularly those from tier-2 and 3 cities.

"To foster the growth of more unicorns, India needs to focus on making significant investments in research and development, improving digital infrastructure, and nurturing a regulatory environment that is conducive to startups," stated Jitendra Patil, Managing Director of Pune-based energy-tech startup ARENQ.

Moreover, simplifying bureaucratic procedures and offering tax incentives can further encourage entrepreneurial endeavors. "The future looks promising for Indian startups, and with the right backing, we can unlock unprecedented opportunities and establish a flourishing ecosystem for unicorns," remarked Patil.

Each state will soon boast numerous startups and unicorns with innovative business models. According to Ritesh Malik, founder of Innov8 and a seasoned investor, India's ecosystem, ease of doing business, Startup India, and Make in India initiatives will continue to bolster the country's economy over the next five years.

"India's growth will persist due to increased capital expenditure, well-funded banking system, strong credit growth, and productivity gains driven by digitalization," added Dr. Manoranjan Sharma, Chief Economist at Infomerics Ratings.
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