India emerged as world's third largest startup ecosystem with over 1.25 lakh startups, 110 unicorns: PM Modi

Prime Minister Narendra Modi on Wednesday said at the Startup Mahakumbh event that India has emerged as the world's third largest startup ecosystem, boasting over 1.25 lakh startups and 110 unicorns. He added that these startups contribute to the employment of more than 12 lakh people, while noting that India has registered over 12,000 patents.

He further stated that this growth is not confined to metro cities, but has permeated as a social culture nationwide. "India's startup ecosystem is flourishing at an unprecedented rate, driven by the youth. This is not limited to metro cities, it has now become a social culture," Prime Minister Modi said.

Commenting on the startup ecosystem of India, the Prime Minister noted the mindset of Indians has changed from that of being "job seekers" to wanting to be "job creators." He further said that those present at the event will not just see the startups of today but will also envisage the unicorns and decacorns  of tomorrow.

"Today, the energy and vibe is amazing! Strolling along the stalls and watching your inventions, I could feel the vibe that India's future holds many unicorns and decacorns. For promoting startups, India made the right decisions at the right time," Modi noted.

Furthermore, Modi also pledged to elevate India to the world's third-largest economy in his third term, attributing a significant role to startups in this advancement. The Startup India initiative, according to Modi, has been instrumental in fostering innovative ideas and linking entrepreneurs with funding.

He also seized this opportunity to take a dig at political opponents. He underlined the difference between the startup world and traditional political parties.

He added that the main difference between the two is that startups work on a bunch of new ideas after the failure of one launch.

"Many people try to 'launch' startups, especially in politics, sometimes multiple times... The difference between you and them is that you're experimental. You try new ideas after the failure of one launch," Modi said in a veiled dig at Congress leader Rahul Gandhi.

The Prime Minister, along with Union Minister Piyush Goyal, inaugurated the Startup Mahakumbh at the Bharat Mandapam. Modi also noted the increasing participation of women, leading more than 45 per cent of Indian startups.

He claimed that India has democratised technology, negating the 'haves and have-nots' theory. Finally, he mentioned that the Rs 1 lakh crore fund declared for research and innovation in the interim budget will support sunrise sectors.