Indian startups have continued to create value and wealth during the pandemic: PM Modi

Noting that the number of unicorns in India has reached the 100 mark, Prime Minister Narendra Modi said on Sunday that India’s startups have continued to create wealth and value even during the Covid pandemic.

In his monthly radio show Mann ki Baat, he said that on the fifth of this month, the number of unicorns in India reached the 100 mark.

“A unicorn means a start-up with at least Rs 7,500 billion in revenue. The total valuation of these unicorns is USD 330 billion, which is over Rs. 25 billion. Certainly it is immense pride for every Indian,” said the Prime Minister.

“You will be amazed to learn that out of all unicorns, 44 unicorns have emerged just in the last year. Not only that 14 unicorns were made in a period of three to four months this year. This means that even during the global pandemic, our startups have continued to create wealth and value,” he said.

Modi said the compound annual growth rate of Indian unicorns is higher than that of the US, UK and many other countries.

He also said Indian unicorns are diversifying and the world of startups is reflecting a spirit of the new India, with entrepreneurs also coming from small towns and communities.

(Only the headline and image of this report may have been edited by Business Standard contributors; the rest of the content is auto-generated from a syndicated feed.)

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