India has emerged as the world’s third-largest startup ecosystem, a development that Prime Minister Narendra Modi believes will chart the country’s course towards becoming a developed nation by 2047.

He noted that the startup scheme initiated a few years ago has scaled new heights, aligning with the ‘2047 Viksit Bharat’ (developed India) roadmap. 

As of 31 December 2023, as per official estimates, there were approximately 117,254 startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), including an estimated 110 unicorns. Collectively, these startups have contributed to the creation of over 1.24 million jobs, significantly impacting the economy.

Minister Piyush Goyal, also present at the event, emphasized the critical role startups play in nation-building. “This year, over one lakh patents have been granted in India, with 50% of them representing Indian innovations.