On 29th May, in the 89th edition of the honorable PM’s monthly “Maan Ki Baat,” Narendra Modi applauded the rapid growth of unicorns in the country. He said that the trend symbolizes the forceful ethos of “New India.”
“Our startups are diversifying, and their growth reflects the spirit of new India, with entrepreneurs also coming from the country’s small towns and cities,” said PM Modi while highlighting that the number of unicorns in India has struck a century mark on the 5th May.
“A few days ago, our countries achieved the milestone of 100 unicorns, which inspires all of us and gives us renewed belief in India’s capabilities. When an Indian batsman scores a century, you feel elated. On the other hand, India has a century in one particularly distinctive area. Currently, the overall value of our unicorns is estimated to be around 330 billion INR, with each unicorn valued at 7,500 crore INR.”
Forty-four of the total unicorns were born last year; even throughout the pandemic, our entrepreneurs continued to generate revenue and value, said Prime Minister Modi.
The Indian Startup Ecosystem
When comparing the growth of Unicorns in India to that of developed countries like the United States and the United Kingdom, the Prime Minister stated that the average annual growth rate of Indian Unicorns is higher than that of the US, and the UK, and many other countries. It demonstrates the living force and entrepreneurial spirit of India’s youth.
He continued, “Last year, India had 44 unicorns, and this year, India has built 14 unicorns so far.”
The amazing part about Indian unicorns, according to him, is that they are diversifying and working in various of industries, including ecommerce, edtech, fintech, and biotech. PM Modi said that India’s ecosystem had been made to the top and grassroots levels.
“Today, India’s startup ecosystem is not exclusive to large cities; entrepreneurs also emerge from smaller towns and cities. It demonstrates that anyone with a creative idea can generate wealth in India,” he added.
Promoting Rural Entrepreneurs
During his monthly radio show last Sunday, PM Modi also praised Sridhar Vembu, the CEO of Zoho Corporation.
During his monthly radio show, PM Modi also praised Sridhar Vembu, the CEO of Zoho Corporation.
“When it comes to startups, the right mentoring is critical. Sridhar Vembu is an example of someone who is bridging the gap between rural youth and the startup world. The Padma Award was recently given to Vembu. He is a successful entrepreneur in his own right, but he has also taken on the role of nurturing other entrepreneurs. Shridhar began his career in a remote location, said the PM.
He also praised Madan Padaki of One-Bridge for promoting entrepreneurs from rural India.
“Madan Padaki Ji founded a named ‘1 Bridge’ platform to support rural entrepreneurs. More than 9k rural entrepreneurs are expanding their services to consumers through this platform,” he added.