Indian startups continued to create wealth even during COVID: PM Modi

PM Modi said the average annual growth rate of Indian unicorns is more than that of the U.S., the U.K.

Noting that the number of unicorns in India has reached the 100-mark, Prime Minister Narendra Modi on May 29 said that even during the COVID pandemic, India's startups continued to create wealth and value.

In his monthly 'Mann ki Baat' radio broadcast, he said that on the fifth of this month the number of unicorns in India reached the 100-mark.

"One unicorn means a startup of at least ₹7,500 crore turnover. The total valuation of these unicorns is $330 billion, that is over ₹25 lakh crore. Surely it is a matter of immense pride for every Indian," the Prime Minister said.

"You will be amazed to know that out of the total unicorns, 44 unicorns were formed only last year. Not only that, in a span of three-four months this year, 14 unicorns were made. This means that even during the global pandemic our startups continued to create wealth and value," he said.

Mr. Modi said the average annual growth rate of Indian unicorns is more than that of the U.S., the U.K. and many other countries.

He also said Indian unicorns are diversifying and the world of startups is reflecting a spirit of new India with entrepreneurs also coming from small cities and towns.