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India must aim to raise 75 unicorns in 75 weeks: Piyush Goyal

India must aim to raise 75 unicorns in 75 weeks: Piyush Goyal

Goyal said that Indian startups have fast become India Inc's growth story champions.

The minister claimed that the government had taken several steps to boost the startup ecosystem by removing problems of 'angel tax', simplifying tax procedures by reducing the burden of over 26,500 compliances. The minister claimed that the government had taken several steps to boost the startup ecosystem by removing problems of 'angel tax', simplifying tax procedures by reducing the burden of over 26,500 compliances.

Piyush Goyal, Commerce and Industry Minister, said that the Indian industry should aim to raise 75 unicorns in 75 weeks to the 75th anniversary of Independence. He was at the release of the NASSCOM Tech Start-up Report 2022 where he emphasised that India's next Unified Payments Interface (UPI) moment can be the Open Network for Digital Commerce (ONDC), which will help the common man access new-age technology at affordable costs.

"We have 43 unicorns added in 45 weeks, since the start of 'Azadi ka Amrit Mahotsav' on March 12, 2021. Let us aim for at least 75 unicorns in these 75 weeks to 75th Anniversary of Independence," he said.

Goyal said that Indian startups have fast become India Inc's growth story champions. "Investments received by Indian startups overshadowed pre-pandemic highs. 2021 will be remembered as the year Indian startups delivered on their promise, fearlessly chasing opportunities across verticals - Edtech, HealthTech & AgriTech amongst others," he said.

Goyal called upon startups to leverage "deep tech" to build solutions for local & global markets. He also lauded the Information Technology Enabled Services (ITES) industry, including the Business Process Outsourcing (BPO) sector, for record services export during the last year despite the pandemic.

"Services Export for Apr-Dec 2021 reached more than $178 bn despite the Covid-19 pandemic when the Travel, Hospitality & Tourism sectors were significantly down".

The minister claimed that the government had taken several steps to boost the startup ecosystem by removing problems of 'angel tax', simplifying tax procedures by reducing the burden of over 26,500 compliances.

"I remember when ICE was introduced many years ago, we were excited about the new information age. Today, that same vibrancy and excitement is witnessed in the way our startups are growing in the ITE areas," he said.

Goyal said that ONDC will enable interoperability between eCommerce companies, providing equal opportunity to small and large players, will help control digital monopolies and make industry more inclusive for buyers and sellers alike, empowering MSMEs to unlock innovation and value.

Goyal said that NASSCOM needs to emphasise on basic needs of people, focus on high growth and job creating sectors. Furthermore, startups should leverage deep tech to build solutions for local & global markets.

On the momentum of the Indian startup ecosystem he said that "while 2021 was a year in which we defied all odds, 2022 will be the breakthrough year which will unlock country's exponential value".