Prime Minister Narendra Modi on Sunday, 29 May, addressed the nation on his monthly 'Mann Ki Baat,' and appreciated the massive growth of unicorns in the country.
On 5 May, our country achieved a unique milestone – the number of unicorns in India reached the 100 mark, he said, in the 89th edition of the radio show.
A startup company valued at over $1 billion is called unicorn.
"A few days ago, our country achieved such a milestone that inspires all of us and gives us renewed confidence in India’s capabilities. Currently, the total worth of these unicorns is about Rs 330 billion dollars, while each of the unicorn is worth Rs 7,500 crore," he said in his address.
Growth of Indian Unicorns Higher Than That of US, UK: PM Modi
Out of the total unicorns, 44 were formed last year while 14 reached the status this year.
This shows that even in the period of pandemic our startups continued to create wealth and value, he said.
The average annual growth rate of Indian Unicorns has surpassed that of several countries including USA, and UK. Yet another good thing about Unicorns in India is that they are diversifying and emerging in different fields like e-commerce, Fintech, Ed-Tech, and Bio-Tech, stated PM Modi.
Further, he added that the start-up ecosystem in the country has penetrated the rural and grass-root levels. Entrepreneurs are emerging not just from metro cities, but also from small towns and cities. This, together with the diversification of unicorns, he said, reflected the spirit of "new India".
"Anyone who has innovative ideas can create wealth. Today, entrepreneurs are emerging not just from metro cities but also from small cities and towns," PM Modi said.
Stating that right mentoring was required to guide entrepreneurs from rural areas, he lauded the efforts of entrepreneurs like Sridhar Vembu and Madan Padaki, who are encouraging people from rural areas to pursue their own business.
Vembu, Zoho Corporation's CEO, who recently received the Padma Shri award "has taken up upon himself the task of grooming other entrepreneurs. Shridhar has started his work from a rural area," PM Modi said, adding, "Madan Padaki ji started a platform called ‘1 Bridge’ to encourage rural entrepreneurs. More than 9000 rural entrepreneurs are extending their services to consumers through this platform."
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)