Startups and Unicorns in India To Grow Tenfold in Next 4–5 Years

Union Minister Rajeev Chandrasekhar praised India’s impressive achievement in creating startups and unicorns, predicted that the number of startups in the nation will expand by ten times over the next 4-5 years.

The Union Minister of the State for the Development of Skills delivered a lecture at the JITO Incubation Innovation Foundation (JIIF) Sixth Foundation Day and Investors/Startup Conclave on Sunday in Hyderabad. Entrepreneurship and Electronics and IT highlighted India’s remarkable progress in creating unicorns and startups, as well as how they have successfully entered areas in emerging technologies such as AI, Web3, and deep tech.

The Minister underscored India’s transformational journey since 2014 while speaking with business leaders and aspiring young entrepreneurs.

The Minister underscored the transformative journey India has started on since 2014 as she interacted with business leaders and aspiring young entrepreneurs.

According to Chandrasekhar, during his interview, startups and unicorns would experience significant growth over the next four to five years after being primarily focused on IT and ITes.

In 2014, IT and ITes represented the country’s tech scene. The data economy, deep tech, AI, semiconductor design, microelectronics, and high-performance computing, among other fields, have all seen possibilities since then, he added.

What was once only one-third of the entire tech industry has now increased thanks to Prime Minister Narendra Modi’s vision, offering enormous opportunity for unicorns and entrepreneurs, he said.

According to the announcement, India currently has over a lakh startups, and this number will rise by ten times.

Chandrasekhar also praised the government’s and industry’s joint efforts to advance skill development.

The Minister stressed the revolutionary effects of PM Modi’s Skill India project, recognising the historical difficulties encountered by a sizeable segment of the population lacking skills.

 Every year, unskilled professionals enter the workforce, leaving behind a legacy and explaining why for many years, we had many intelligent individuals who left to work abroad.

The privileged segment of society had access to education and skills, while the remainder of the population was left to fend for themselves and make it through without them. According to him, the Skill India programme turned this tendency around.

We continue to engage with the industry in conjunction with major and small businesses, and they inform us about these talents, while the government collaborates to establish a framework through a network of academic institutions. Partnerships between businesses and the community are crucial for entrepreneurs, the Minister continued.