Union Minister of State Jitendra Singh mentioned that the growth of startups in India has been 300-fold in the last ten years. India’s startup ecosystem has grown from 350 startups in 2014 to over 300 times that amount today. He praised Prime Minister Narendra Modi’s leadership for this growth, which has led to India having the third-largest startup ecosystem globally and hosting some of the fastest-growing unicorns.
Union Minister Jitendra Singh emphasised that this expansion has created more job opportunities and encouraged young people to explore new avenues. Overall, he sees this as a big boost for the economy.
Union Minister Jitendra Singh on India’s Economic Growth and Space Advancements
Minister Jitendra Singh told PTI that Prime Minister Modi has encouraged young people to explore various career paths beyond government jobs. He highlighted the growth of space startups, mentioning how their numbers have increased significantly since the private sector was allowed to enter the space industry.
Singh also pointed out achievements like the successful Chandrayaan-3 mission to the Moon and the Aditya L1 solar mission studying the Sun. He noted India’s rise in the global economy, moving from the 11th to the 5th largest economy, and projected further advancement to become the 3rd largest during PM Modi’s tenure. He expressed optimism that India could become the world’s largest economy by 2047.
Empowering India’s Youth and Startup Sustainability
Minister Jitendra Singh highlighted the importance of sustainability in India’s startup ecosystem and the government’s focus on empowering young people. He expressed confidence in Prime Minister Modi’s leadership, stating that many believe India can become the world’s leading economy under his guidance. According to the ‘Indian Spacetech Startup Landscape and Market Opportunity, 2023’ report, over 150 spacetech startups in India have secured over $285 million in funding between 2014 and 2023. These startups are supported by diverse investors, including Pi Ventures, Speciale Invest, Peak XV, Mumbai Angels, Artha India Ventures, and 9Unicorns.
India’s Startup Boom: Funding and Growth Trends
According to the ‘Indian Spacetech Startup Landscape and Market Opportunity, 2023’ report, over 150 spacetech startups in India secured over $285 million in funding between 2014 and 2023. These startups have received support from active investors, including well-known names like Pi Ventures, Speciale Invest, Peak XV, Mumbai Angels, Artha India Ventures, and 9Unicorns.
Additionally, Inc42’s ‘State Of Indian Startup Ecosystem Report 2023’ reveals that since 2014, over 68,000 startups have emerged in India, collectively raising over $140 billion in funding. Despite challenges faced during funding winters, startups have focused on profitability and governance, leading to significant growth.
Factors contributing to this growth include widespread internet and smartphone usage, the rise of global and domestic funds, and supportive government initiatives. By 2030, India is expected to witness the launch of approximately 180,000 startups, with over 280 unicorns and a combined valuation of $1.5 trillion.
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