With a Bengaluru-based company has been named the country’s 100th unicorn, the total value of Indian unicorns touched 333 billion dollars.
According to the Commerce and Industry Ministry, India has gained 14 unicorns so far in 2022, bringing the total worth of its unicorns to $332.7 billion.
According to the report, India added 44 unicorns in 2021, with a total worth of $93 billion. According to an official declaration, until FY17, around one unicorn was introduced per year. The report added that this number had risen significantly over the last four years, with a 66 per cent increase in the number of new unicorns introduced each year.
Since the government began the Start-up India program on January 16, 2016, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised over 69,000 start-ups.
According to the DPIIT statistics, start-ups were recognised in 56 different industries, with IT services accounting for 13%, healthcare and life sciences for 9%, education for 7%, professional and commercial services for 5%, agriculture for 5%, and food and drinks for 5%.
On May 2, trade and industry minister Piyush Goyal tweeted, “India Hits A Century In Style!” in honour of the birth of the 100th unicorn. A Bengaluru-based company has been named the country’s 100th unicorn.
Ideas + Innovation + Investments = India. Prime Minister Narendra Modi committed earlier this year to free entrepreneurship from the tangle of red tape, encouraging start-ups to “invent for India and innovate from India.”
The Prime Minister emphasised the government’s slew of initiatives to make it easier for new businesses to thrive. The government has implemented programs such as Start-up India and Stand-up India, addressing the issue of the so-called “angel tax.” It provided tax incentives and simplified procedures, increased official funding, allowed self-certification for nine labour and three environmental laws and eliminated over 25,000 procedures to reduce the start-up compliance burden. The government’s e-Marketplace portal promotes start-up services to numerous ministries and agencies. Drone start-ups have received orders of Rs 500 crore from the military services.
