Indian Startups Grow 300 Times in 9 Years: Dr Jitendra Singh

Startups in India have grown 300 times in the past 9 years, with over 90,000 startups and 100 unicorns. Union Minister Dr Jitendra Singh highlighted this addressing the “National Innovation Awards” at Rashtrapati Bhawan.

Swati Dayal
10 Apr 2023
Indian Startups Grow 300 Times in 9 Years: Dr Jitendra Singh

Startups in India grew 300 times in the last 9 years. Union Minister Dr Jitendra Singh said there were just around 350 StartUps before 2014 but there has been a quantum jump in startups to more than 90,000 with more than 100 Unicorns.

He said this while addressing a function at Rashtrapati Bhavan where the “National Innovation Awards” were presented to "Grassroot Innovators" by the President of India, Droupadi Murmu.

The Minister said, “There were just around 350 StartUps before 2014, but after Prime Minister Narendra Modi gave the clarion call from the ramparts of the Red Fort in his Independence Day address and rolled out special StartUp scheme in 2016, there has been a quantum jump in StartUps to more than 90,000 with more than 100 Unicorns.”

Today we are living in an era of technology. So it is our responsibility to make use of technology and bring such innovations which can transform the way of life of people.

— President of India (@rashtrapatibhvn) April 10, 2023

Opening Up Space sector and Biotech StartUps Lead to 100+ Startups

Dr Jitendra Singh further added that Prime Minister Modi opened up the Space sector for private participation leading to more than 100 StartUps in the Space sector within just about three years. Similarly, Biotech StartUps went up from around 50 to nearly 6,000. India has no dearth of talent, capability, innovation and creativity in the youth, but they were lacking a favourable milieu and proper patronage from the political leadership which was provided by Prime Minister Modi.

National Education Policy 2020 Emphasises on Skilling

Dr Jitendra Singh said that the issue of lacking a favourable milieu and proper patronage was addressed by Prime Minister Modi by bringing in National Education Policy 2020 which gives emphasis to skill and not only to academic degrees and prepares the individual for earning livelihood according to his or her aptitude and skill. The Minister mentioned that the nature of the awards given and the profile of the awardees proves that a large number of “Grassroot Innovators” are available in India who may not have a very high formal education but who are capable of creating success stories and also generating attractive means of livelihoods for themselves.

FINE, A Unique Effort To Promote Science , Tech & Innovation

Dr Jitendra Singh appreciated the efforts of the Department of Science and Technology and National Innovation Foundation (NIF) for organising the “Festival of Innovation & Entrepreneurship” (FINE) and noted that it is a unique effort to promote Science, Technology and Innovation even among those who may not be highly educated in the formal sense or may have not even be science students but who possess inherent talent and inborn aptitude for innovation and entrepreneurship, which also may become a source of livelihood for them.

No Linkage Between Formal Education Degree & Innovation Capabilities

The awards were presented in different categories, namely national level, State level and student category. Two of the recipients today had already been awarded Padma Shri for their innovations. The Minister said that India had so much innovative talent even in rural youth, and there is no linkage between formal education degree and innovation capabilities which is evident from the awards given today.

The Minister highlighted that India has made significant strides in the startup space over the past decade, with the government's support and emphasis on innovation and entrepreneurship. This has led to the creation of thousands of startups and innovative businesses, which are driving economic growth and creating new opportunities for the country's youth.