The number of startups in India will increase tenfold in the next 4 to 5 years, Union Minister of State for Electronics and IT Rajeev Chandrasekhar said on Sunday. Speaking at the JIIF 6th Foundation Day and Investors/Startup Conclave in Hyderabad, he emphasized India's significant achievements in developing unicorns and startups. The minister highlighted their successful forays into emerging technology fields like AI, Web 3, and deep tech.
Chandrasekhar said the government's efforts to promote entrepreneurship and innovation, coupled with the growing availability of funding and support for startups, will contribute to this exponential growth.
"In 2014, our nation’s tech landscape was limited to IT and ITes. However, since then, opportunities have emerged across various domains such as deep tech, AI, data economy, semiconductor design, microelectronics, and high-performance computing. From 108 unicorns I am sure we will reach 10,000 in the next 4-5 years. Today we have over a lakh startups in India and it will increase by 10 times,” the Minister said.
Chandrasekhar talked about India's revolutionary journey that began in 2014. He said that, after being mostly focused on IT and ITes, the next 4-5 years will see significant growth for startups and unicorns. He said that through strategic partnerships with both big and small companies, the government now works closely to identify necessary skills, creating a comprehensive framework with the active involvement of academia, communities, and corporations.
“We continue to work with the industry in partnership with big and small companies and they tell us what these skills are and the Government partners towards creating a framework that is developed through a network academia. Community and corporate partnerships are very important elements to startups,” the Minister further added.
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