Piyush Goyal Claims that the Valuation of Startup Ecosystem in India is Rs 3 Lakh Crore

According to recent reports, the industry minister of the country, Piyush Goyal claims that the valuation of the startup ecosystem in India is only Rs 3 lakh crore. Read the entire article to learn more about this news.

Statements made by Piyush Goyal

‘…the fact that we are probably 110-plus unicorns, about 75 or so soonicorns which are on their way to become unicorns, is truly a remarkable achievement. The last time we did a valuation of our startup ecosystem, it came to about USD 368 billion, that’s nearly three lakh crore rupees,” he said.

”We have about over a million people directly engaged by them. Must be many million more who are indirectly involved in the entire startup ecosystem. Over 110 unicorns,” he said. These statements were made by the industry minister at an extremely odd time because although India does have a lot of unicorns there is still a long way to go. For people who don’t the meaning of the term unicorn which has been used in the text, it simply is a term used to refer to a startup that has a value of $1 billion.

Efforts made by the government to encourage startups

“These days we hear all around us, startup, startup, startup. It is true that this is the era of startups and it is also true that in the field of startups, in a way, India is leading the world,” says PM Modi. The government has come up with the Samridh scheme which basically focuses on the growth of startup companies by clubbing skill sets together to ensure success. New Gen IDEC is also an initiative that has been launched by the government to teach entrepreneurship and innovation through mentorship and guidance. Apart from these two, the government has launched a lot of schemes and initiatives to help encourage startups and also to push them forward. It is trying to create an environment for people where they feel safe with starting some of their own by having schemes and initiatives that protect and guide them.

About Piyush Goyal

Piyush Goyal is the minister of Commerce and Industry. He was given this position in 2019. Piyush is a well-known individual who has had a political career for 35 years. He has held several positions in the past and he is known to have done justice to all of them. He is known to have an excellent academic record and was a well-reputed investment banker in the past as well.

 

 

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