Union Min Goyal seeks Indian startups' help in achieving self-reliance in energy sector

Citing the ongoing COVID-19 pandemic as an example of crisis turned into opportunity, Union Commerce Minister Piyush Goyal on Sunday sought the startup sector's help in making India become self-reliant in the energy and defence sectors.

While speaking at the ET startup awards in Bengaluru, the Minister said, "Every crisis can be converted into an opportunity like that of COVID-19.  COVID-19 is a big crisis, and the ‘biggest of the century’ crisis was converted into an opportunity, wherein many of our boys and girls came up with innovative solutions to the problems."

Speaking on the ongoing Ukraine crisis, the Union Minister said that the current tensions between Russia and Ukraine should serve as a 'wake-up call' to all of us to stop relying on crude oil and military hardware. He further asked startups to assist India in becoming energy self-sufficient. Further emphasising the need to utilise the present situation to boost indigenous manufacturing, Piyush Goyal also noted that the current scenario fits into 'Make in India,' an initiative launched by the Centre eight years ago in a bid to boost manufacturing in the country.

Furthermore, Piyush Goyal told the startups that the Centre was paying attention to their demands and that its doors are open 24x7. He also spoke about the assembly election results in five states, saying, "The recent state election victory is an endorsement of our work and re-vitalises us to do more for startups."

Indian Startups raise $42 Bn in 2021

In a report by Orios Venture Partners, titled "The Indian Tech Unicorn Report 2021," it was reported that in 2021, Indian startups raised $42 billion, up from $11.5 billion the year before. According to the report, India saw 46 new unicorns in the year 2021. Notably, the total number of unicorns in India currently stands at 90, which is the third-highest in the world. The United States leads the list with 481 unicorns, while China comes in second with 301. 

"These startups are not only developing innovative solutions and technologies but also generating large-scale employment. Today, one out of 13 unicorns globally was born in India, "the report said.

As per the report, Bengaluru, the silicon valley of India, hosts the highest number of unicorns. Fintech, e-commerce, and SaaS (software as a service) sectors have the most unicorns, followed by health-tech, ed-tech, direct-to-consumer, gaming, and cryptocurrency.

According to the report, India has four decacorns. These are companies with a valuation of $10 billion or more. The four decacorns are Flipkart, Paytm, Byju's, and OYO Rooms, with Flipkart being the most valuable one. Speaking about market capitalisation, Zomato has the highest market capitalisation ($14.8 billion), followed by Nykaa ($13.5 billion).

As the country inches closer to the milestone of 100 unicorns, PM Modi declared January 16 as National Startup Day. He asked startups to follow the mantra: "Let us innovate for India, innovate from India." During an interaction with youngsters from the startup ecosystem, PM Modi said, "Five years ago, there were less than 500 startups in India, there are close to 60,000 startups in the country. Startups will be the backbone of new India."

Image: ANI