Business

Indian startups turning unicorns every eight to 10 days: PM


Prime Minister Narendra Modi nearly launched the Madhya Pradesh Startup Portal on May 13 as a part of the MP Startup Conclave held in Indore. The state additionally introduced its new startup coverage, which was drafted in a report time of 5 months, in the course of the occasion.  

In his deal with, the Prime Minister stated that India had almost 70,000 recognised startups with one startup turning right into a unicorn each eight to 10 days. 

He added that startups within the state may work with the casual sector to carry it in control with the formal sector. He gave the instance of Indore-based business-to-business retail platform ShopKirana which might work with avenue distributors to carry them on-line and agritech firm Gramophone which might work with farmers for chemical-free agriculture initiatives within the state. 

In his address during the MP Startup Conclave, Chief Minister Shivraj Singh Chouhan said that the state was looking at making stamp duty competitive with that of other states. He further added that apart from the state Startup Policy, it was also working on a policy on Electric Vehicles. The state has seen startups emerging in sectors across organic farming, as well as solar power companies, and others in the fields of AI (artificial intelligence), auto, pharma, logistics, and warehousing. 

“Startups in the state have received Rs 700 crore in funding since the first initiative when the state government took over on January 26, 2022. Nearly 43 percent startups have been founded by women,” he added. 

The MP Startup Portal will facilitate single sign-on and API integration with the Startup India Portal for real-time entry to the startup profiles. The portal can even facilitate the administration of the profile of incubators, buyers, mentors, and promotion companions. It can even assist in connecting startups to mentors and buyers and can organise state innovation problem. 

As a part of the MP Startup Policy and Implementation Scheme 2022, the state authorities chosen six beneficiaries for monetary help. The Chief Minister additionally felicitated cloud-based worker monitoring software program we360.ai and Physiocare Healthcare Private Limited. 

Edited by Affirunisa Kankudti



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