Our startups are creating wealth and value: Modi in 'Mann Ki Baat'

New Delhi, May 29

Prime Minister Narendra Modi on Sunday said that even in this phase of the global pandemic, Indian 'startups' have been creating wealth and value.

In monthly radio address 'Mann Ki Baat', Prime Minister Modi said, "On the 5th of this month, the number of unicorns in the country has reached the figure of 100 and you surely know that a unicorn is a startup worth at least seven and a half thousand crore rupees. The total valuation of these Unicorns is more than 330 billion dollars, that is, more than 25 lakh crore rupees."

"Certainly, this is a matter of pride for every Indian. You will also be surprised to know that out of our total unicorns, 44 came up last year. Not only that, 14 more Unicorns were formed in three-four months this year."

The Prime Minister noted that this means that even in this phase of the global pandemic, the startups have been creating wealth and value.

"The average annual growth rate of Indian Unicorns is more than those of the US, the UK and many other countries. Analysts also say that in the coming years there will be a sharp spike in these numbers. The good thing is that our Unicorns are diversifying. They are operating in many fields like E-commerce, Fin-Tech, Ed-Tech, Bio-Tech. Another thing which I consider more important is that the world of start-ups is reflecting the spirit of New India," he said.

The Prime Minister emphasised that today India's startup ecosystem is not limited to just big cities; entrepreneurs are emerging from smaller cities and towns as well which shows that in India, the one who has an innovative idea, can create wealth.

He mentioned that behind this success of the country, the youth-power of the land, the talent and the government here, all are putting in efforts together and everyone is contributing.

"But, another thing that is important in the world of Startups is, right mentoring, that is, right guidance. A good mentor can take a startup to new heights and can guide the founders in every way toward the right decision. I am proud that there are many such mentors in India who have dedicated themselves to promote startups," he said.

Modi mentioned names Sridhar Vembu, who is encouraging the rural youth to do something in this area, staying in the village itself; Madan Padaaki, who had created a platform named One-Bridge in 2014 to promote rural entrepreneurs, and Meera Shenoy, who is working in the field of 'Market Linked Skills Training' for rural, tribal and disabled youth.

"I have mentioned only a few names here, but today there is no dearth of mentors among us. It is a matter of great happiness for us that today a complete support system is evolving in the country for startups. I am sure that in the times to come, we will get to see a new flight of progress in the startup world of India," the Prime Minister added.