Prime Minister Narendra Modi on Friday stated the variety of start-ups within the nation has grown to 70,000 from a mere 300 to 400 in 2014, and start-ups are turning into unicorns in a short time.

He was talking after launching the Madhya Pradesh authorities’s `Begin-up Coverage 2022′ and a start-up portal via video hyperlink within the presence of younger entrepreneurs right here.

“You should keep in mind that in 2014, when my authorities got here to energy, there have been 300-400 start-ups within the nation…..However in eight years’ time, the scenario has completely modified and now there are 70,000 recognised start-ups within the nation,” Modi stated.

India has the world’s third-largest ecosystem on this space and in simply eight to 10 days a start-up takes the form of a unicorn, he stated.

Ranging from zero, a start-up turns right into a unicorn with a capital of practically Rs 7,000 crore in such a brief span of time, and nowadays on common a youth is making a brand new unicorn within the nation in eight to 10 days, he stated.

“This displays the energy of the nation’s youth and (presents) a brand new instance of their willpower,” he stated.

There was additionally an excessive amount of variety in start-ups within the nation and they don’t seem to be confined to only one state or two or 4 metro cities, however they’re unfold over many states and smaller cities, the prime minister stated.

As per a tough estimate, these start-ups are related to greater than 50 totally different industries within the nation, Modi stated.

They’re current in each state and greater than 650 districts, and greater than 50 per cent of start-ups are located in Tier-2 and Tier-3 cities, he identified.

Underneath the brand new coverage of the Madhya Pradesh authorities, subsidies will probably be paid to start-ups for hire in addition to for salaries of staff.

Modi additionally interacted with a couple of entrepreneurs on this event to find out about their start-ups and suggested them on how they’ll profit folks.

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