Prime Minister Modi announced that India has risen to become the third-largest startup ecosystem globally, boasting more than 125,000 startups and 110 unicorns.

Prime Minister Narendra Modi, speaking at the Startup Mahakumbh event, highlighted India's ascent as the world's third-largest startup ecosystem, boasting a remarkable tally of over 125,000 startups and 110 unicorns. He emphasized their significant contribution to employment, engaging over 1.2 million individuals, and lauded India's registration of more than 12,000 patents. Modi underscored that this growth transcends metropolitan areas, becoming ingrained as a nationwide social phenomenon, driven primarily by the youth. He noted a societal shift from a mindset of "job seekers" to "job creators," envisioning the emergence of future unicorns and decacorns among the innovative ventures showcased at the event. Modi hailed India's proactive decisions in promoting startups, affirming their pivotal role in propelling India to become the world's third-largest economy during his tenure. He credited the Startup India initiative for fostering innovation and facilitating funding for entrepreneurs. Taking a veiled jab at political opponents, Modi contrasted the iterative nature of startups with the traditional approach of political parties, particularly alluding to Rahul Gandhi of the Congress party. Alongside Union Minister Piyush Goyal, Modi inaugurated the Startup Mahakumbh, acknowledging the increasing leadership of women in over 45% of Indian startups. He highlighted India's efforts in democratizing technology and announced the allocation of a Rs 1 lakh crore fund for research and innovation in sunrise sectors through the interim budget.