Former NITI Aayog CEO and G20 Sherpa Amitabh Kant lauded India’s rapid ascent to the world’s third-largest startup ecosystem, boasting 135 unicorns and over 140,000 startups.
In an exclusive interview, Kant attributed this growth to various factors including the recent abolition of the Angel Tax. He emphasized the need for increased domestic investment to sustain the momentum.
“We’ve transformed from 356 startups to a thriving ecosystem with 140,000 today,” Kant said. “The removal of Angel Tax is a significant boost. However, we need more Indian investors, pension funds, and insurance companies backing our startups.”
Kant underscored India’s ambition to become the world’s third-largest economy by 2047. He highlighted the government’s initiatives like the Production Linked Incentive (PLI) scheme in fostering global champions.
“India is a growth oasis in a challenging global economy,” Kant stated. “We need more states and companies to contribute to this growth story. Scaling up existing businesses is crucial.”
Looking ahead to India’s Vision 2047, Kant called for collective effort and commitment from every Indian to transform the nation into a developed country. He emphasized the importance of education, healthcare, and individual contributions to India’s growth trajectory.