‘India will have 10,000 unicorns in the coming years’ – Rajeev Chandrasekhar
13 December 2023: Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT, Rajeev Chandrasekhar, addressed Pre-Vibrant Gujarat Summit event, “Startup conclave 2023” held at Helipad Exhibition Centre in Gandhinagar recently. While addressing startups, investors, industry leaders and key government officials, the Minister emphasized that startups play a pivotal role in propelling India’s growth. He underscored that the present times hold unprecedented opportunities for startups to thrive, owing to transformative initiatives implemented by Narendra Modi government since 2014.
Minister Rajeev Chandrasekhar said, “This is certainly one of most exciting times in history of independent India. I refer to it as exciting times because of the remarkable progress the innovation ecosystem has made since 2014. We have transitioned from being consumers of technology for decades to becoming producers of devices, products, platforms, and solutions, not only for India but also for the world. In the last nine years under Prime Minister Shri Narendra Modi, our economy, once dominated by a few groups and segments, has evolved into a highly diversified one. The GDP, now the fastest growing in the world, reflects a digital economy growing at two and a half times the GDP, making us the fastest growing digital economy globally.”
Minister highlighted that the driver of India’s transformation is digitization, emphasizing that technology has been a catalyst for the country’s overall growth. He said, “The Indian economy was dominated by a few conglomerates, and following their rules, the economy experienced a downturn. Importantly, he asserted that in this new India, the significance lies in the substantial contributions from young Indians nationwide, including those in Gujarat. It is key to note that by 2026, the digital economy is projected to constitute one-fifth, or 20%, of the GDP, a significant increase from the 2014 figures.”
Rajeev Chandrasekhar also participated in a panel discussion with startup founders on the theme “Rising Stars – India’s Unicorn Club and Their Impact”. During the discussion, he highlighted that India represents immense opportunities today in the field of semiconductors and electronics manufacturing. He said, “I predict today that in the next few years, we will witness startups in semiconductor design and innovation, unicorns in AI, unicorns in the broader Web3 and unicorns in electronics manufacturing. This is an area that may seem counterintuitive, but our objective is to achieve 10,000 unicorns, that is the opportunity that India represents.”
