Prime Minister Narendra Modi declared January 16 as National Startup Day on Saturday, claiming that this is India’s “golden era of startups,” with enormous growth potential in rural and semi-urban areas, and that they will be the backbone of a new India.

The number of startups in India has increased from 500 to 60,000 in five years, with 42 unicorns launching last year, indicating a “self-reliant and self-confident” India. Officials claim that the country now has 82 unicorns, each worth more than $1 billion, making it the world’s third largest unicorn population. On January 16, 2016, Modi launched the Startup India movement.

“India is rapidly approaching a century of unicorns today.” “I believe the golden era of India’s startups has begun,” Prime Minister Narendra Modi said during a meeting with young entrepreneurs at the Startup India Innovation Week, which was organised by the department for promotion of industry and internal trade.

Because only half of India’s population is currently online, startups in semi-urban and rural areas have enormous growth potential, he said, urging entrepreneurs to expand into villages as well. “Village aspirations are rising, and rural and semi-urban areas are waiting for a new wave of expansion,” Modi said.

Earlier, the startup community presented the Prime Minister with their ideas on a variety of topics, including data collection mechanisms in agriculture, agri-marketing, health care, edtech, retail, and promoting green sustainable products and modes of transportation. Ministers Piyush Goyal, Mansukh Mandaviya, Ashwini Vaisnaw, Sarbananda Sonowal, Parshottam Rupala, G. Kishan Reddy, Pashupati Kumar Paras, Jitendra Singh, and Som Parkash were present at the virtual meeting.

“I congratulate all of the country’s startups, all of the innovative youth who are raising the Indian flag in the startup world,” Modi said. “In order for this startup culture to spread throughout the country, January 16 has been designated as National Startup Day.”

He listed three important aspects of the changes that the government is making to strengthen innovation, entrepreneurship, and the start-up ecosystem, recalling the concept of the current decade as India’s “techade.” To begin, entrepreneurship and innovation must be freed from the maze of government processes and bureaucratic silos. The second step is to put in place an institutional mechanism to encourage innovation. Third, he said, he will assist young innovators and businesses.

According to him, the government has taken a number of steps to make the lives of entrepreneurs easier, including removing ‘angel tax’ issues, simplifying tax procedures, arranging for government funding, allowing self-certification of nine labour and three environmental laws, and removing over 25,000 compliances.

According to the Prime Minister, the government is institutionalising innovation by involving students as early as kindergarten. “More than 9,000 Atal Tinkering Labs are giving children the opportunity to innovate and work on new ideas in their schools,” he said.

According to him, India’s innovation indicators are increasing at an exponential rate. Last year, over 28 thousand patents were granted, compared to 4,000 patents approved in 2013-14. Around 70,000 trademarks were registered in 2013-14. In 2020-21, however, more than 2.5 lakh trademarks were registered. Only 4,000 copyrights were granted in 2013-14, compared to more than 16,000 the previous fiscal year, he said.

According to the Prime Minister, India’s innovation campaign has improved India’s ranking in the Global Innovation Index.

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