Startups In India Logged 300-Fold Growth In Ten Years: Union Minister Jitendra Singh

Union Minister of State Jitendra Singh has highlighted a significant surge in India’s startup ecosystem, noting a remarkable growth from about 350 startups in 2014 to over 300 times in the past decade. This surge has positioned India as the third-largest startup ecosystem globally, with a burgeoning number of fast-growing unicorns.

Singh attributed this exponential growth to Prime Minister Narendra Modi’s leadership, emphasizing efforts to diversify job opportunities and inspire youth to explore new avenues beyond traditional government employment. He underscored the transformative impact of initiatives aimed at promoting entrepreneurship and fostering innovation across various sectors.

Notably, Singh pointed out the rapid expansion of space startups, which have evolved from single-digit numbers to triple digits within four years of the space sector’s opening to private participation. He highlighted significant achievements in space exploration, including successful missions like Chandrayaan-3 to the Moon and the ongoing Aditya L1 solar mission, underscoring India’s advancements in space technology.

Moreover, Singh outlined India’s economic progress, noting its ascent to the fifth-largest economy from the 11th rank and projecting further advancement to the third rank in the near future. He expressed optimism about India’s trajectory towards becoming the world’s leading economy by 2047, driven by sustained growth and strategic initiatives under PM Modi’s leadership.

Addressing the sustainability of India’s startup ecosystem, Singh emphasized the government’s commitment to empowering youth and fostering innovation. He highlighted the confidence among citizens in India’s potential to emerge as a global economic powerhouse, buoyed by PM Modi’s leadership and India’s growing influence on the world stage.

Furthermore, recent reports, including Inc42’s ‘Indian Spacetech Startup Landscape and Market Opportunity, 2023’ and ‘State Of Indian Startup Ecosystem Report 2023,’ underscore the robust growth of India’s startup ecosystem. These reports highlight the significant funding secured by spacetech startups and the overall funding landscape, reflecting a resilient and dynamic entrepreneurial landscape poised for further expansion and success in the coming years.