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India will have 10,000 unicorns in coming years, IT MInister

Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT, Shri Rajeev Chandrasekhar, addressed the Pre-Vibrant Gujarat Summit event, “Startup conclave 2023” held at the Helipad Exhibition Centre in Gandhinagar on Thursday. While addressing startups, investors, industry leaders, and key government officials, the Minister emphasized that startups play a pivotal role in propelling India’s growth. He underscored that the present times hold unprecedented opportunities for startups to thrive, owing to the transformative initiatives implemented by the Narendra Modi government since 2014.

Minister Shri Rajeev Chandrasekhar said, “This is certainly one of the most exciting times in the history of independent India. I refer to it as exciting times because of the remarkable progress the innovation ecosystem has made since 2014. We have transitioned from being consumers of technology for decades to becoming producers of devices, products, platforms, and solutions, not only for India but also for the world. In the last nine years under Prime Minister Shri Narendra Modi, our economy, once dominated by a few groups and segments, has evolved into a highly diversified one. The GDP, now the fastest growing in the world, reflects a digital economy growing at two and a half times the GDP, making us the fastest growing digital economy globally. However, the most important aspect of this transformation is the fact that today, the Indian economy and its future growth are being architected significantly by young Indians.”

The Minister highlighted that the driver of India’s transformation is digitization, emphasizing that technology has been a catalyst for the country’s overall growth. He said, “The Indian economy was dominated by a few conglomerates, and following their rules, the economy experienced a downturn. However, today, our economy, as the Hon’ble Prime Minister emphasized, is poised to be shaped by India’s technological opportunities over the next decade. Importantly, he asserted that in this new India, the significance lies in the substantial contributions from young Indians nationwide, including those in Gujarat. It is key to note that by 2026, the digital economy is projected to constitute one-fifth, or 20%, of the GDP, a significant increase from the 2014 figures.”

Shri Rajeev Chandrasekhar also participated in a panel discussion with startup founders on the theme “Rising Stars – India’s Unicorn Club and Their Impact”. During the discussion, he highlighted that India represents immense opportunities today in the field of semiconductors and electronics manufacturing. He said, “In every segment of the technology ecosystem and the broader innovation economy, Indian flags are present, symbolizing the contributions of startups from all over the country, including Gujarat. The best time for innovation for startups is yet to come. Our Hon’ble Prime Minister has asserted that this will be a decade of opportunity for Indian startups and every young Indian. Where we are today is certainly the tip of the iceberg; we are at a significant inflection point in our economy, specifically in terms of demand and consumption in India. I predict today that in the next few years, we will witness startups in semiconductor design and innovation, unicorns in AI, unicorns in the broader Web3, and unicorns in electronics manufacturing. This is an area that may seem counterintuitive, but our objective is to achieve 10,000 unicorns, that is the opportunity that India represents.”

The Minister also interacted with startups that participated in the expo at the Startup Conclave 2023. He specifically discussed their products, services and shared his insights with them.

CT Bureau

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