Union Finance Minister Nirmala Sitharaman on Wednesday stated that the Indian economy has seen the emergence of 28 unicorns or companies valued at over $1 billion, this year on the back of a number of reforms released by the Centre.
Addressing the virtual conference of the Indian Private Equity and Venture Capital Association (IVCA), FM Sitharaman said that in the previous two decades, the Indian economy has seen unparalleled development in the form of startups. Over 56,630 startups have been identified and endorsed in districts across the nation by the Department for Promotion of Industry and Internal Trade (DPIIT).
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‘Indian startups have so far created 65 unicorns out of which 28 have been created in 2021. This shows that there is increased activity in this space and a lot of capital from angel investors,’ the FM said, adding that Alternative Investment Fund (AIF) capacities have been given additional freedom.
Investment rules for provident funds and superannuation funds have been released, according to Sitharaman, who also noted that the time for reporting over-the-counter transactions has been extended by three hours. She also added that investor protection must be given serious consideration since it is a critical component of boosting investor confidence.
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