India’s digital ecosystem to drive $1 trillion into $5 trillion economy, says Ravi Shankar Prasad

The sixth edition of the Economic Times (ET) startup awards 2020 that took place on January 14 saw many winners, who had taken an immense amount of risks to start something new and innovative. The ET Startup awards welcomed Piyush Goyal, commerce and industry minister, and Ravi Shankar Prasad, communications, IT, and law minister as the guests of honor, who put forward goals for India to become one of the largest startup hubs and to achieve the nation’s collective goal of becoming “Atmanirbhar Bharat”.

According to ET, Goyal said at the event: ” I’ve appealed to Indian industry and captains of Indian industry to also consider larger involvement of our established businesses in the financing of our startups, particularly the early-stage financing…I suggested that they create 10,000 crore fund, a domestic fund, managed totally professionally, which can identify opportunities that come out of the startup system at an early stage”. Goyal also added that the story of entrepreneurship will be India’s tale of growth based on the four ‘I’s, including ideation, innovation, implementation, and impact.

Even with the ongoing pandemic, 12 startups became unicorns of 2020, which was recorded to be the highest in a year, and the total number of unicorns has totaled 38. Prasad has estimated around 50 startups becoming unicorns next year that will help India to maintain its position as the third-largest startup hub in the world. Prasad also said that the growing startup trends in India are ‘very promising’ and that the Indian Digital ecosystem will contribute at least $1 trillion (INR 73.08 lakh crore) to $5 trillion (INR 365 lakh crore) economy in the next five years, saying that the other focus area of the Indian government should be data management.

Bellatrix Aerospace, Vedantu, Wingreens Farms, Gametion Technologies, Agnikul Cosmos, Zerodha, Sequoia Capital India, Samunnati, and Mylabs Discovery Solutions are the winners of the ET Startup Awards 2020.

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