Startup Ecosystem Looks Promising - News

Hon’ble Prime Minister, Narendra Modi lauded India’s flourishing startup culture at the Startup Mahakumbh 2024 event, declaring it the world’s third-largest startup hub. With over 1.25 lakh startups and 110 unicorns, India’s innovation landscape stands as a global powerhouse, employing over 12 lakh individuals and registering a substantial 12,000 patents. 

Emphasizing the nationwide impact, the Prime Minister remarked that India’s startup culture has transcended urban areas to become a societal norm. He hailed this shift as transformative, from jobseekers to job creators, with a notable surge in women entrepreneurs propelling the ecosystem’s growth. 

He credited the country’s timely decisions in promoting startups and reiterated their pivotal role in advancing the economy. With that in mind, he promised to elevate the nation to the world’s third-largest economy during his tenure. 

Also, he announced the funding of INR 1 lakh crore for research and innovation. This initiative highlighted India’s commitment to supporting emerging sectors and fostering technological advancements, signalling a promising trajectory for the country’s startup ecosystem.