Startups In India Logged 300-Fold Growth In Ten Years: Union Minister Jitendra Singh

Union Minister of State Jitendra Singh has said that the number of startups in India jumped from around 350 in 2014 to over 300 times in the past ten years.

He said that the country today has the third-largest startup ecosystem globally and is home to the fastest-growing unicorns.

Singh credited this growth to Prime Minister Narendra Modi’s leadership, lauding the effort in diversifying job opportunities. He said it has encouraged the young people in the country to explore better and new avenues, PTI reported.

The minister told PTI, “For the first time in the history of independent India, Modi as PM made a painstaking and conscious effort to educate the youth of this country that employment is not confined only to a government job and he has promoted new avenues of livelihood which may be more lucrative than a government job.” 

Underlining the advancements in space startups, Singh mentioned that the number has increased from single digits to three digits in just four years of the space sector being opened to the private sector.

He even highlighted advancements like the successful Chandrayaan-3 mission that landed on the Moon and the Aditya L1 solar mission, which is now studying the Sun. 

The MoS also talked of India’s alleviation to 5th largest economy from 11th rank and is now on the verge of occupying third rank.

“In less than ten years, we jumped to 5th position. Hopefully this year it will emerge as the 4th largest economy and during PM Modi’s 3rd term, India will be the world’s 3rd largest economy, marching on to become the no 1 economy by 2047,” Singh added.

The minister emphasised the need for sustainability in India’s startup ecosystem. He also underlined the government’s focus on empowering the youth.

“The common citizen believes that India can become the world’s leading economy under the leadership of PM Modi because of the outreach he commands across the world and the common people also feel confident under the government headed by Narendra Modi,” he said.

As per Inc42’s ‘Indian Spacetech Startup Landscape and Market Opportunity, 2023’ report, more than 150 spacetech startups in India have secured $285 Mn+ in funding between 2014 and 2023. 

Most of them are backed by a diverse array of active investors, including prominent names such as Pi Ventures, Speciale Invest, Peak XV (formerly Sequoia India and SEA), Mumbai Angels, Artha India Ventures and 9Unicorns, among others.

Inc42’s  State Of Indian Startup Ecosystem Report 2023 reveals that since 2014 over 68,000 startups have emerged, collectively raising more than $140 Bn in funding. While the funding challenges brought about by the funding winter were tough, they prompted startups to focus on profitability, better governance, and other essential aspects. 

Several factors have propelled this growth, including the widespread use of the Internet and smartphones, the emergence of global and domestic funds, and supportive government initiatives. As a result, by 2030, India will witness the launch of around 180,000 startups, with over 280 unicorns and a combined valuation of $1.5 Tn.