Startups are the new wealth creators in India, PM Modi says in I-Day speech

Thousands of startups have emerged during the pandemic times, some of them are becoming unicorns, the prime minister said.

“Their market value is touching thousands of crores. They are new kinds of wealth creators in the country. They are standing on their own with the power of their unique idea,” Modi said from the ramparts of the Red Fort in New Delhi. “They are marching forward. In this decade, we need to work to make the Indian startup ecosystem the best.”

“The government is standing behind them with full vigour,” he added.

India has seen the creation of 23 unicorns so far this year, five of them in August alone. Older unicorns — companies with a valuation of at least $1 billion — are now tapping the public markets, led by
that saw a bumper listing last month.
Paytm, PolicyBazaar,
Nykaa,
Ola and MobiKwik, among others, are likely to launch their initial public offerings (IPOs) this year.

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Modi, in his independence day speech, also exhorted the youth of the country, calling them the “can do generation” which can achieve every goal.

“I believe in the fruits of action. I have faith in the youth of my country. I believe in the sisters of the country, daughters of the country, farmers of the country and professionals of the country,” he said.

“No obstacle can stop India from fulfilling its 21st-century dreams and aspirations, he said. “Our strength is our vitality, our strength is our solidarity. Our life force is the spirit of the nation first.”

With inputs from PTI.