Prime Minister Narendra Modi praises Indian startups for their “constant innovation”

Applauding Indian startups for their performance in 2021, Prime Minister Narendra Modi on Saturday said that he was proud of the country’s startup sector. 

Responding to a tweet by Nasscom President Debjani Ghosh, Mr Modi tweeted: “Indian talent is constantly innovating, learning and growing. Proud of India’s startup sector and best wishes to them for an even better future.” 

Ms Ghosh, in her tweet, had shared a news report which referred to a study by the industry body and had said that startups had raised $24 billion in funding in 2021. 

She had also tagged Union Minister of Railways, Communications, Electronics and Information Technology Ashwini Vaishnaw and Union Minister of State for Electronics and Information Technology, Skill Development and Entrepreneurship Rajeev Chandrasekhar in the tweet. 

The report by Nasscom had stated that the startup ecosystem had seen a two-time gain in cumulative valuation from 2020 to 2021, with an estimate of $320-330 billion, demonstrating the sector’s development and recovery throughout the pandemic. 

The startup ecosystem had played a key role in growing direct and indirect job opportunities by providing 6.6 lakh direct jobs and more than 34.1 lakh indirect jobs, it had said. 

The year 2021 saw the emergence of 42 unicorns across 18 sectors in India, third highest after the US and China, with cumulative valuation of newly-added unicorns standing at around $90 billion. Many startups also made their debut on the stock exchanges during the year, including Nykaa and Paytm. 

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