Prime Minister Narendra Modi on Friday said that the number of start-ups in the country has increased from just 300 to 400 in 2014 to 70,000 and start-ups are rapidly becoming unicorns.
He was speaking after launching the Madhya Pradesh government’s ‘Start-up Policy 2022’ and a start-up portal through video links in the presence of young entrepreneurs here.
“You must remember that in 2014, when my government came to power, there were 300-400 start-ups in the country. But in eight years, the situation has changed and now there are 70,000 recognized start-ups. In the country, ”Modi said.
This area of India has the third largest ecosystem in the world and takes the shape of a start-up unicorn in just eight to ten days, he said.
Starting from scratch, a start-up turned into a unicorn with a capital of around Rs 7,000 crore in such a short span of time and these days a young man is creating a new unicorn in the country in an average of eight to ten days, he said.
“It reflects the strength of the country’s youth and (presented) a new example of their willpower,” he said.
There was also a lot of diversity in start-ups in the country and they are not limited to just one state or two or four metro cities, they are spread across many states and small towns, the Prime Minister said.
By all accounts, these start-ups are associated with more than 50 different industries in the country, Modi said.
They are present in every state and in more than 650 districts, and more than 50 percent of start-ups are located in Tier-2 and Tier-3 cities, he noted.
Under the new policy of the Madhya Pradesh government, start-ups will be given subsidies for rent as well as salaries of employees.
Modi spoke to a few entrepreneurs at the event to learn about their start-ups and how they can benefit people.