India has over one lakh startups, 108 unicorns: Union Minister Ashwini Vaishnaw

Union Minister of Railways and Electronics and Information Technology Ashwini Vaishnaw on Friday addressed the G-20 Digital Innovation Alliance in Bengaluru and said that over the past decade, India's entrepreneurial landscape has undergone a remarkable transformation.

"Over the past decade, India's entrepreneurial landscape has undergone a remarkable transformation. With just 500 start-ups a decade ago, today we proudly stand with over 100,000 startups and 108 unicorns. Our nation's innovative and developmental spirit, coupled with a drive to discover new solutions, has reshaped dynamics," Vaishnaw said.

Minister addressed the G-20 Digital Innovation Alliance in Bengaluru and awarded the G20-DIA Global Start-up winners. Start-ups from several countries, Russia, Egypt, France, Japan, Indonesia, Brazil, and India, were crowned winners in Fintech, Agritech, Edtech, and Circular Economy, among others.


The DIA programme included 174 start-ups from G20 member countries with invitee countries sending in entries for digital solutions in six key sectors - Edtech, Healthtech, Agritech, Fintech, Secured Digital Infrastructure, and Circular Economy, which is being showcased at the three-day event in Bengaluru, giving the start-ups a golden opportunity to pitch their ideas.

The Minister further added that Bengaluru, once a provider of global solutions, is now a creator of solutions for India. "Under the leadership of Prime Minister Narendra Modi, we have gained confidence in our abilities. From world-class trains like Vande Bharat Express to groundbreaking solutions that India is creating in defence, railways, health, telecom, automobile, and solar sectors, we have pioneered Indian-designed solutions that were once deemed impossible. I extend my gratitude to all participants who shared their ideas and stepped forward in this journey of progress," he added.

Alkesh Kumar Sharma, Secretary, of the Ministry of Electronics and Information Technology, said, "Anticipating a wave of remarkable start-ups in edtech, fintech, and agritech, we have witnessed an overwhelming response from 18 nations. Accompanied by visionary venture capitalists and pioneering tech innovators, this extraordinary nine-year digital odyssey has brought India to the forefront of developed nations' expectations. The valuation of our start-ups is USD 450 billion at present."

Ullas Kamath, Chairman, of FICCI Karnataka State Council, and Founder, of UK and Co, said, "India has emerged as the most dynamic start-up hub in the world with a growing number of successful varieties in diverse sectors. The Indian start-up ecosystem has gained global attention for its innovations and aspirations."

Earlier in the day, addressing the plenary session on G20 Perspective on Digital Innovations for Global Growth, Deepak Balgobin, Minister of IT, Communication and Innovation, Mauritius, said, "India is a paragon of technological prowess. The nation's technology and innovation have reached us with open arms. Together we shall capture the future."

Mehmet Fatih Kacır, Minister of Industry and Technology, Republic of Turkiye, stated that G20-DIA has created an environment of shared knowledge and experience.