Get All Access for $5/mo

Startups Will Drive Our Growth Story in the Coming Decade: Amitabh Kant The NITI Aayog CEO believes that the startup revolution marks a new phase in the technological and developmental prowess of India

By S Shanthi

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Summit screenshot

In the last few years, India's startup ecosystem has gained global recognition. India has also become a hotspot for investments from across the world. "When we started the startup India movement in 2016, we didn't envisage that this movement would expand in such a phenomenal manner," said Amitabh Kant, CEO, NITI Aayog, at the first edition of Confederation of Indian Industry's Global Unicorn Summit on 'Shaping 1,000 Unicorns by 2030',

Kant believes that the startup revolution marks a new phase in the technological and developmental prowess of India.

Shattering New Unicorn Records

India is home to about 95 unicorns and the years 2021, 2020 and 2019 saw the birth of the maximum number of unicorns in India. "2020 and 2021 were peak pandemic years. They were a crisis, a period when the world had collapsed. Despite that, our startups have witnessed resounding growth," he said.

Today, India is the third-largest startup ecosystem in the world. "In 2021, India witnessed around 3 to 4 startups turning unicorns every single month and this year 15 startups have already turned unicorns. Every year, we are shattering our own records," said Kant.

The NITI Aayog CEO firmly believes that startups will drive India's growth story in the coming decade. "If we have to be a $5 trillion economy and then a $10 trillion economy, startups have to take the leadership position. Indian unicorns are disrupting the world in many ways. They are seizing opportunities and disrupting the status co," he said.

He also added that startups in India are innovating across sectors, be it health, manufacturing, education, financial inclusion, transport, logistics, sustainability or agriculture. "We are all becoming a global tech garage and India is the world's biggest tech garage simply because from a data-rich country we are becoming a data intelligent country," he said.

Fintech Revolution

Kant spoke about fintech has allowed multiple innovations. With the payment problem solved, he said, the focus has shifted to lending, both consumer and MSME- based lending. "Fintech has allowed innovation, enabling new models to come up such as flow-based lending. This led to the emergence of players such as Lendingkart, Pine Labs, Mobikwik," he said.

With sufficient comfort with payments and lending, there was an increased focus on personal finance, money management, investments, and trading, he said, adding that a plethora of top-class entities came up in this space such as Zerodha, Groww, Upstox. "They have created an environment of modern investment apps. Everything is mobile-based," he said.

Lastly, Kant said that through these innovations that startup founders and their dynamic teams are building, they are creating newer ecosystems and opportunities. "They are generating employment and contributing to the economic progress of the country," he said.


S Shanthi

Former Senior Assistant Editor

Shanthi specializes in writing sector-specific trends, interviews and startup profiles. She has worked as a feature writer for over a decade in several print and digital media companies. 

 

News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Growing a Business

Stop the Errors: Set a Review Process That Works

Mistakes make you look unprofessional and hurt your growth. Fix them today.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

RBI's Next Chapter: Can India Embrace Crypto Innovation?

With the appointment of under-the-radar Sanjay Malhotra to replace Das as India's new and 26th central bank governor, crypto players are optimistic about the future