New Delhi: The Indian economy has seen the creation of 28 unicorns or startups worth over $1 billion this year on the back of a series of reforms initiated by the government, the finance minister. Nirmala Sitharaman said on Wednesday.
Addressing a virtual conference organized by the Indian Private Equity and Venture Capital Association (IVCA), the Minister said that the Indian economy has witnessed unprecedented growth in the form of startups in the last two decades.
The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized over 56,630 startups in districts across India, IVCA said in a statement quoting the Finance Minister.
“Indian startups have created 65 unicorns so far, of which 28 were created in 2021. This shows that activity in the sector has increased and there is a lot of capital from angel investors. A series of reforms have been initiated. Alternative Various capabilities of Investment Funds (AIFs) have been given greater flexibility.”
Investment guidelines have been issued for provident funds and retirement funds, the minister said, adding that the window for reporting over-the-counter transactions has also been extended to three hours.
He said that due attention should be given to the safety of the investors as it is a very important part of boosting the confidence of the investors.
Addressing a virtual conference organized by the Indian Private Equity and Venture Capital Association (IVCA), the Minister said that the Indian economy has witnessed unprecedented growth in the form of startups in the last two decades.
The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized over 56,630 startups in districts across India, IVCA said in a statement quoting the Finance Minister.
“Indian startups have created 65 unicorns so far, of which 28 were created in 2021. This shows that activity in the sector has increased and there is a lot of capital from angel investors. A series of reforms have been initiated. Alternative Various capabilities of Investment Funds (AIFs) have been given greater flexibility.”
Investment guidelines have been issued for provident funds and retirement funds, the minister said, adding that the window for reporting over-the-counter transactions has also been extended to three hours.
He said that due attention should be given to the safety of the investors as it is a very important part of boosting the confidence of the investors.
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