Indian startups created value, wealth even during pandemic: PM

Noting that the number of unicorn companies in India has reached the 100 mark this month, Prime Minister Narendra Modi on Sunday said even during the Covid pandemic Indian startups have been creating wealth and value with entrepreneurs emerging from smaller cities and towns as well.In his monthly Mann ki Baat radio broadcast, the prime minister said on the fifth of this month the number of unicorns in India reached the 100 mark.

Noting that the number of unicorn companies in India has reached the 100 mark this month, Prime Minister Narendra Modi on Sunday said even during the Covid pandemic Indian startups have been creating wealth and value with entrepreneurs emerging from smaller cities and towns as well.

In his monthly 'Mann ki Baat' radio broadcast, the prime minister said on the fifth of this month the number of unicorns in India reached the 100 mark. ''A few days ago, the country has made an achievement, which inspires all of us...instills a new confidence in India's prowess. You must be feeling happy on hearing of the century of a batsman of Team India on the cricket field. But, India has scored a century in another field and it is very special,'' he said, highlighting the number of such startups reaching the important milestone.

A unicorn means a startup of at least Rs 7,500 crore turnover.

The total valuation of these unicorns is more than USD 330 billion, which is more than 25 lakh crore rupees, he said, adding this is a matter of pride for every Indian.

''You will also be surprised to know that out of our total unicorns, 44 came up last year. Not only that, 14 more unicorns were formed anew in 3-4 months this year. This means that even in this phase of the global pandemic our startups have been creating wealth and value,'' he said.

Modi also pointed out that the average annual growth rate of Indian unicorns is more than those of the USA, the UK, and many other countries. Analysts also say that in the coming years there will be a sharp spike in these numbers, he added.

Noting that the unicorns are diversifying, Modi said they are operating in many fields like e-commerce, fin-tech, ed-tech, and bio-tech. ''Another thing which I consider important is that the world of startups is reflecting the spirit of New India. Today, India's startup ecosystem is not limited to just big cities; entrepreneurs are emerging from smaller cities and towns as well. This shows that in India, the one who has an innovative idea, can create wealth,'' he said.

Modi also stressed the importance of the right mentoring when it comes to the world of startups.

''A good mentor can take a startup to new heights…can guide the founders in every way toward the right decision. I am proud that many such mentors in India have dedicated themselves to promoting startups,'' he said.

Noting one such contribution, Modi cited Sridhar Vembu, a successful entrepreneur, who has also taken it upon himself the task of grooming other entrepreneurs. ''Shridhar Ji has started his work in a rural area. He is encouraging the rural youth to do something in this area, staying in the village itself. We also have people like Madan Padaaki, who had created a platform named One-Bridge in 2014 to promote rural entrepreneurs. ''Today, One-Bridge is present in more than 75 districts of southern and eastern India. More than 9,000 rural entrepreneurs associated with it are providing their services to rural consumers,'' Modi said.

He also cited the example of Meera Shenoy who, he said, is doing remarkable work in the field of market-linked skills training for rural, tribal, and disabled youth. ''I have mentioned only a few names here, but today there is no dearth of mentors among us. It is a matter of great happiness for us that today a complete support system is evolving in the country for startups. I am sure that in the times to come, we will get to see a new flight of progress in the startup world of India,'' the prime minister said.

In his broadcast, Modi also said India is a rich treasure house of many languages, scripts, and dialects. ''Varied attire, cuisine, and culture in different regions is our hallmark. As a nation this diversity strengthens us and keeps us united,'' he said.

Highlighting examples of diversity, Modi narrated the journey of Kalpana, who has recently passed her class 10th examination in Karnataka.

The very special thing about Kalpana's success is that she did not know the Kannada language till some time ago but she not only learned it in three months but also proved it by scoring 92 marks. He also cited the example of Shripati Tudu, who hails from Purulia in West Bengal and is a professor of the Santhali language at the Sidho-Kanho-Birsha University, Purulia. Tudu has prepared a version of the country's Constitution in his native 'Ol Chiki' script for the Santhali community, the prime minister said. ''This is a living example of the spirit of 'Ek Bharat-Shrestha Bharat'. You will also find information about many such efforts furthering this spirit on the website of 'Ek Bharat-Shreshtha Bharat','' he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)