Tamil Nadu, Kerala, Gujarat, and Karnataka were the top-performing states with a population of more than ten million. Of the states with fewer than 10 million people, Himachal Pradesh did the best. As the number of unicorns has increased to 112 with a cumulative valuation of $350.71 billion, Commerce Minister Piyush Goyal stated on Tuesday that startups are essential to India’s goal of becoming a developed country by 2047. Over the previous eight years, the start-up sector has made significant progress, according to Goyal. The minister made this statement at the launch of the state ranking awards ceremony in New Delhi. It was once a novelty, but it has since become an essential component of the national mainstream.
Tamil Nadu, Kerala, Gujarat, and Karnataka were the top-performing states with a population of more than ten million. Of the states with less than 10 million people, Himachal Pradesh did the best. According to data from the commerce ministry through December 31, the number of registered start-ups in India increased to 117,254 across 57 industry segments, with at least one woman director in 48% of them. On January 16, 2016, Prime Minister Narendra Modi announced the Startup India initiatives. At the time, there were only roughly 400 start-ups in total. According to the ministry, recognized start-ups have generated over 1.24 million jobs, with 50% of those workers coming from smaller cities.
India now ranks third globally among unicorn nations, with 112 entities valued at more than $350.71 billion. This comprises 19 unicorns with 21 female founders.
Enterprise tech, consumer services, media and entertainment, edtech, logistics, e-commerce, and fintech are the industry sectors that have given rise to the greatest number of unicorns. According to Goyal, startups are significantly advancing a number of industries, including medtech, fintech, agrotech, drones, and simulators. He cited the tourism industry as having unrealized potential and urged businesspeople to investigate creative concepts related to eco-friendly travel. Goyal encouraged both young and old to contribute their distinct viewpoints and ideas to the startup ecosystem, expressing confidence in their entrepreneurial spirit.
He asserted that age shouldn’t be a barrier to embracing innovation and engaging with fresh concepts. Goyal praised accomplishments in industries like food processing and millets, but he advised startups to concentrate on emerging fields like artificial intelligence. He urged them to devise concepts that simplify life and transform current methods of operation. According to the minister, the government intends to track the startups’ development stage, sanitize data to identify their locations, and classify start-ups into distinct sectors to facilitate more focused interactions. Additionally, it is working to guarantee that every startup is registered on a portal run by the Department of Industry and Internal Trade Promotion. Through the Startup India initiative’s MAARG (guidance, information, support, resilience, and development) portal, he advocated for increased cooperation and mentoring.
