Valuation of startup ecosystem nearly Rs 3 trillion, says Piyush Goyal

The valuation of the startup ecosystem in the country is nearly Rs three trillion, Union Commerce and Industry Minister Piyush Goyal said on Saturday

The valuation of the startup ecosystem in the country is nearly Rs three lakh crore, Union Commerce and Industry Minister Piyush Goyal said on Saturday.

"...the fact that we are probably 110-plus unicorns, about 75 or so soonicorns which are on their way to become unicorns, is truly a remarkable achievement. The last time we did a valuation of our startup ecosystem, it came to about USD 368 billion, that's nearly three lakh crore rupees," he said.

Goyal said there are over 80,000 startups in the country registered with the Industry Ministry.

"We have about over a million people directly engaged by them. Must be many million more who are indirectly involved in the entire startup ecosystem. Over a 110 unicorns," he said.

He spoke about the various initiatives taken by the government to promote the startups.

The government is also strengthening the patent offices and everything is going to be online, he said.

He was replying to a query on what is being done to boost the startup ecosystem, among others.

Goyal was speaking here at an interaction with students, faculty and alumni of Indian Institute of Foreign Trade (IIFT), National Institute of Fashion Technology (NIFT), National Institute of Design (NID) and others.