India’s unicorns have faster average growth rate than US, UK, says Jitendra Singh

India’s unicorns have faster average growth rate than US, UK, says Jitendra Singh
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Highlighting the growth of the start-up ecosystem in the country, Indian Union Minister Jitendra Singh on Thursday said India’s unicorns have a faster average growth rate than that of the developed economies.

Speaking at a start-up conclave, Singh said the number of start-ups in India has grown to 70,000 from about 300 to 400 in 8 years from 2014 to 2022.

The Minister said, “India has the world’s third-largest ecosystem in this area and in just eight to ten days a start-up takes the shape of a unicorn. He added that after a whopping 44 unicorns in 2021, the milestone of 100 unicorns was achieved a few days ago with a valuation of Rs 25 lakh crore.”

“India’s unicorns have a faster average growth rate than the likes of the US, UK, Germany and others,” he stated.

Singh underlined the need for sustaining the start-up movement and urged the industry to become equal stakeholders in the rapidly rising sector. He also laid stress on the integration of start-up, research, academia, and industry for a win-win proposition for all.

Singh advised the budding start-up entrepreneurs to look beyond the IT, computer and communications sectors to the most unexplored and the richest farm sector, which is awaiting a huge tech revolution after the Green revolution.

Source: ANI

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