Gujarat, Karnataka, Kerala shine in startup ranking | Latest News India - Hindustan Times
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Gujarat, Karnataka, Kerala shine in startup ranking

ByRajeev Jayaswal, New Delhi
Jan 17, 2024 06:36 AM IST

Gujarat, Karnataka, Kerala and Tamil Nadu emerged best performers among states with population over 10 million. Himachal Pradesh was the best performer among state with population less than 10 million

Start-ups are playing a pivotal role in India’s journey towards becoming a developed nation by 2047, commerce minister Piyush Goyal said on Tuesday, as the number of unicorns has risen to 112 with a cumulative valuation of $350.71 billion.

Union minister Piyush Goyal during the National Startup Awards in Delhi on Tuesday. (PTI)
Union minister Piyush Goyal during the National Startup Awards in Delhi on Tuesday. (PTI)

Significant progress has been made in the start-up sector over the past eight years, Goyal said. “What was once a novelty has now become an integral part of the national mainstream,” the minister said at start-up state ranking awards function in New Delhi. A start-up is called a unicorn when it is valued at over $1 billion.

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Gujarat, Karnataka, Kerala and Tamil Nadu emerged best performers among states with population over 10 million. Himachal Pradesh was the best performer among state with population less than 10 million.

The number of registered start-ups in India rose to 117,254 across 57 industry segments, with 48% of them having at least one woman director, commerce ministry data till December 31 showed. The Startup India initiative was launched by Prime Minister Narendra Modi on January 16, 2016, at a time when the total number of start-ups was just about 400.

Recognised start-ups have created over 1.24 million jobs and 50% of them are from smaller cities, the ministry said. India has emerged as the third-largest unicorn nation in the world at 112 entities with combined valuation of over $350.71 billion. This includes 21 woman founders in 19 unicorns.

The industry segments that have spawned the largest number of unicorns include e-commerce and fintech, enterprise tech, consumer services, media and entertainment, edtech and logistics.

Start-ups are making substantial contributions in various sectors such as medtech, fintech, agrotech, drones and simulators, Goyal said. He identified tourism as a sector with untapped potential and encouraged entrepreneurs to explore innovative ideas around sustainable tourism.

Goyal expressed confidence in the entrepreneurial spirit of both the young and old, urging them to contribute their unique perspectives and ideas to the start-up ecosystem. Age should not be a barrier to engage with new ideas and foster innovation, he said.

Lauding achievements in sectors like millets and food processing, Goyal asked start-ups to focus on new areas such as artificial intelligence. He encouraged them to come up with ideas that make life easier and revolutionise existing ways of working.

The government plans categorization of start-ups into different sectors for more focused interactions, sanitization of data to identify their locations and track development stage of the startups, the minister said. it is also making efforts to ensure all startups are registered on a poartal hosted by the Department for Promotion of Industry and Internal Trade.

He called for greater collaboration and mentoring through the MAARG (mentorship, advisory, assistance, resilience and growth) portal of the Startup India initiative.

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