The Indian economy has seen the formation of 28 unicorns, or startups valued over US$ 1 billion, this year on the back of number of reforms unleashed by the government, Finance Minister Mrs. Nirmala Sitharaman.
Attending a virtual conference organised by the Indian Private Equity and Venture Capital Association (IVCA), the minister stated the Indian economy has seen a spur of unprecedented expansion in the form of startups in the last two decades.
The Department for Promotion of Industry and Internal Trade (DPIIT) has identified > 56,630 startups across districts throughout India, IVCA stated in a statement mentioning the finance minister.
“Indian startups have so far generated 65 unicorns out of which 28 have been created in 2021. This shows that there is improved activity in this space and a lot of investment from angel investors. A series of reforms have been unleashed. Diverse capabilities of Alternative Investment Fund (AIF) have been given more flexibility,” she told.
Investment standards have been issued for provident funds and superannuation funds, the minister spoke, adding the window for reporting of over-the-counter transactions has also been extended by three hours.
Investor protection must be given due recognition as it is a very crucial part of confidence booster for investors, she added.
Source: IBEF
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