According to the Commerce Minister, Indian startups are quickly becoming champions of the industry’s growth story. Investment in this has even surpassed pre-Covid-19 pandemic levels.
The government has taken a number of steps to strengthen the startup ecosystem. These include addressing angel tax issues, simplifying the tax process, as well as allowing self-certification and self-regulation.
Last year, over 2,250 startups were launched in the country, 600 more than in 2020. During this time, the startup raised $24.1 billion. This figure is more than double that of the pre-Covid-19 period. According to a report released on Friday by Nasscom and Jinov, startups have created 40. There are 6.6 lakh direct jobs and over 34.1 lakh indirect jobs.
According to the report, as investor confidence grows, startups are taking advantage of technology. This is increasing the number of startups in India’s technology sector. High-value transactions more than tripled last year compared to 2020. During this time, more than $100 million in deals were completed, indicating that active ‘angel’ investors are willing to take risks. According to Nasscom President Debjani Ghosh, the United States is the source of the majority of FDI in startups. Other countries’ shares are also growing. One investor of Indian origin is involved in 50% of the transactions.
This year ahead, a promising future.
According to Ghosh, startups have become an important contributor to the growth of India’s digital economy. With record-breaking investments and an increasing number of unicorn companies, the future of home-grown startups appears to be brighter in 2022. At the same time, Jinov CEO Pari Natarajan stated that 2021 will be a great year for Indian startups when compared to the United Kingdom, the United States, Israel, and China. The number of deals and startups grew at the fastest rate.
Goyal expects the industry to produce 75 new unicorns in 75 weeks.
Piyush Goyal, Commerce and Industry Minister, challenged the industry on Friday to create 75 new unicorns in the 75 weeks leading up to the 75th anniversary of India’s independence. Last year, 43 unicorns were born in the country between March and December. According to the NASSCOM program, we have added 43 unicorns in 45 weeks since the launch of ‘Azadi Ke Amrit Mahotsav’ on March 12, 2021. Let us now set a goal of adding 75 unicorns in 75 weeks.