India, one of the biggest economies in the world, is experiencing a continual expansion of its startup ecosystem, and there are currently more than 100 unicorns residing there. A privately held startup with a value of over $1 billion is called a unicorn.
According to Union Commerce and Industry Minister Piyush Goyal on Saturday, the country’s startup ecosystem is now valued at close to Rs 3 lakh crore, or Rs 3 trillion, in addition to seeing an increase in the number of businesses. Goyal was addressing attendees from several institutions, including the National Institute of Fashion Technology (NIFT), the Indian Institute of Foreign Trade (IIFT), the National Institute of Design (NID), and others. In addition, the trade minister mentioned that the Center is bolstering patent offices and that everything will be done online when speaking about the many measures the government has taken to support startups.