India Aims To Be Home To 5,000 Unicorns In Future: Piyush Goyal

SUMMARY

The minister said that the rise of the homegrown startup ecosystem has encouraged “job seekers to become job creators”

Goyal also said that several nations were looking to adopt India’s development model, which has “given prominence to initiatives such as Startup India”

As per Inc42 data, Indian startups have raised more than $150 Bn in funding between 2014 and 2024, with the country home to 119 unicorns and 31 listed new-age tech ventures

Commerce minister Piyush Goyal today reportedly said that the government has set its eyes on fostering 5,000 unicorns in the country.

As per PTI, the minister said that India aims to first scale the number of unicorns to 1,000 and then further to 5,000. He, however, did not specify the timeline for achieving the ambitious target.

Addressing the valedictory function of Vejalpur Startup Festival 2.0 in Gujarat, Goyal noted that the rise of the homegrown startup ecosystem has encouraged “job seekers to become job creators”. He also said that several nations were looking to adopt India’s development model, which has “given prominence to initiatives such as Startup India”.

While underlining that manufacturing will remain a key focus area for the Centre, the minister noted that startups can pave the way for smart and innovative manufacturing, marketing and packaging.

He also called on India’s budding entrepreneurs to create a “people-centric model development” through their startup ideas. “Sometimes you have to face failures. Do not get scared of failure. The mantra of a startup is to rise from failure and become successful,” he added.

Lauding the homegrown startup ecosystem, Goyal noted that the new-age tech ventures were working to help India’s economy grow with their innovative ideas and new ways of functioning. Underlining the steps taken by the Centre to foster a vibrant startup ecosystem, the minister said that various funds have been launched to incubate and back startups.

Angel tax has also been removed and a portal called ‘Bhaskar’ has been launched for startups to connect with investors, Goyal reportedly added.

The minister’s latest comments come a week after he informed the Parliament that India was home to over 1.61 Lakh DPIIT-registered startups as of January, 2025. Previously, he also estimated that the number of registered new-age tech ventures in the country would surge 10X to 1 Mn in the next decade.

As per Inc42 data, Indian startups have raised more than $150 Bn in funding between 2014 and 2024. With startup hubs like Bengaluru, Delhi NCR, and Mumbai leading the charge, the country is also home to 119 unicorns and 31 listed new-age tech ventures.