One Indian startup out of every 10 unicorns globally: MoS Science & Tech

New Delhi, June 4 (KNN) Taking pride in the growth of startups in India Dr. Jitendra Singh, Minister of State (MoS) for Science and Technology said that it out of every 10 unicorns across the world one startup is Indian. 

He said we should aim for sustainable startup ecosystem as they will determine the future economy of India. 

The country has risen from 300 to 70,000 startups in the last 8 years, which is a massive 20,000 per cent increase, the minister said during an event organised earlier this week by the PHD Chamber of Commerce and Industry.

 "The concept of startup is still new to India so we should work collectively in this direction. We should explore sectors like agriculture, dairy and space which has immense potential and are exclusive to us," he said.

As per the data published by market intelligence provider Tracxn, 14 Indian companies turned unicorns between January and June 1, 2022. 

Union Minister of State for Commerce and Industry Anupriya Patel said that “Startups are fueled by innovation and entrepreneurial spirit, spreading across the length and breadth of the nation. More than 50 per cent of startups are witnessed in tier 2 and 3 cities which are a sign of great success.”

However, the startups ecosystem is witnessing a funding winter owing to Aglobal macro-economic factors that can last up to 18-24 months.  (KNN Bureau)