Finance Minister Nirmala Sitharaman said on Wednesday that, based on a series of reforms initiated by the government this year in the Indian economy, 28 unicorn companies or startups have been included whose value is more than $ 01 billion.
Addressing a virtual conference organized by the Indian Private Equity and Venture Capital Association (IVCA), the Finance Minister, Government of India has said that the Indian economy has witnessed an unprecedented growth in startup companies in the last two decades.
Information provided by IVCA about Indian Startups
IVCA, in a statement quoted by the Finance Minister, has said that the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized more than 56,630 startups in districts across India. “So far 65 unicorns have emerged from Indian startup companies, out of which 28 unicorns were created in the year 2021. This shows that there has been increased activity in the area of economic development in India and huge capital gains from angel/private investors. A series of economic reforms have been initiated in India. The various capabilities of Alternative Investment Funds (AIFs) have also been given greater flexibility.”
Investment guidelines for provident funds and retirement funds have been issued, the finance minister further said, adding that the window for reporting over-the-counter transactions has also been extended to three hours. He also said that due attention should be given to the safety of investors as it is an important part of boosting confidence for the investors.
Important information about startup company
A “startup” is a company operating in the first phase that starts its production according to a new or unique business idea, or provides any utility service to its customers. Any startup company is often started by one or more entrepreneurs and whose objective is to start their production business or provide any essential service to their customers according to the product based or various other needs of daily life. There are currently about 57 thousand startup companies in India, out of which 65 startups have joined the Unicorn Club so far.