Mann Ki Baat: India’s unicorn start-ups created wealth and value during pandemic, says Modi

BL New Delhi Bureau | Updated on: May 29, 2022
Prime Minister Narendra Modi. (VIJAY SONEJI/The Hindu)

Prime Minister Narendra Modi. (VIJAY SONEJI/The Hindu)

Says the ‘average annual growth rate of Indian unicorns is more than those of the US, UK, other countries’

India has 100 unicorns — a start-up worth at least ₹7,500 crore — with their total valuation at $330 billion (₹25,00,000 crore plus), Prime Minister Narendra Modi said during Sunday’s episode of Mann Ki Baat. Of these 100, 44 came up last year.

“Not only that, 14 more Unicorns were formed anew in 3-4 months this year. This means that even in this phase of the global pandemic, our start-ups have been creating wealth and value,” the Prime Minister said.

According to him, the average annual growth rate of Indian unicorns is more than those of the US, UK, and many other countries.

“Analysts also say that in the coming years there will be a sharp spike in these numbers. The good thing is that our Unicorns are diversifying and are operating in many fields like e-commerce, fintech, edtech, biotech,” Modi said.

‘Spirit of India’

Start-ups reflect the new spirit of India, the PM said, adding that the country’s start-up ecosystem is not limited to just big cities. “Entrepreneurs are emerging from smaller cities and towns as well. This shows that in India, the one who has an innovative idea, can create wealth,” Modi added.

According to him, there is also the need for a good mentor for the start-ups and a good mentor can take an organisation “to new heights… can guide the founders in every way toward the right decision”. India already has many such mentors, Modi said.

The Prime Minister cited instances in Sridhar Vembu, Madan Padaaki, and Meera Shenoy as some mentors who are working with start-ups. “In the times to come, we will get to see a new flight of progress in the start-up world of India,” he said.

Published on May 29, 2022
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