India Sets Ambitious Goal to Reach 5,000 Unicorns: Piyush Goyal
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Synopsis
Union Minister Piyush Goyal announced that India aims to increase the number of unicorns from 118 to 1,000 and ultimately to 5,000. He highlighted the growth of startups in Gujarat and the support provided by the government to foster innovation and development.
Key Takeaways
- India targets to boost unicorns to 5,000.
- Gujarat leads in startup performance.
- Government support includes a Fund of Funds.
- Angel tax removal fosters startup growth.
- Youth encouraged to innovate despite failures.
Ahmedabad, March 22 (NationPress) In the backdrop of a flourishing startup ecosystem, India is targeting to increase the number of unicorns from the current 118 to 1,000 and eventually to 5,000 in the future, announced Union Minister of Commerce and Industry, Piyush Goyal, on Saturday.
As per data from DPIIT, India boasts nearly 1.59 lakh startups.
During his address at the ‘Vejalpur Startup Festival 2.0’ in Ahmedabad, the minister highlighted the significant role of startups in boosting India’s economy through innovative concepts and new operational methods.
He noted that Gujarat continues to lead in startup performance.
“When PM Narendra Modi was the chief minister of Gujarat, he facilitated rapid development in the state, which subsequently became a model for national progress. Today, numerous countries, especially those developing, are eager to adopt India’s developmental approach,” Goyal remarked.
He further emphasized, “There are very few global leaders who have received such high civilian honors as PM Modi, who has been awarded 21 international accolades.”
The minister also mentioned that the government is fostering an environment for startups, investors, founders, and mentors to collaborate effectively.
The Central government initiated a Fund of Funds (FoF) for startups, amounting to Rs 10,000 crore. An additional Rs 10,000 crore was allocated in the last budget, with the first installment already delivered to the respective department.
Moreover, the Angel tax has been abolished, and a portal named 'Bhaskar' has been introduced to facilitate connections between startups and investors, Goyal stated.
Encouraging the youth to devise a people-centric development model through their startup ventures, Goyal advised, “At times, you may encounter failures. Do not fear failure. The essence of a startup is to learn from failure and achieve success.”
