EDITORIAL

Our Hon’ble Prime Minister Narendra Modi has called startups the ‘backbone’ of the new India and declared January 16 as ‘National Startup Day’. As readers, you must know that MMI carries a segment on budding startups and their laudable growth. Curious, we did some research on startups and found out that India has the third-largest startup ecosystem in the world and is expected to witness year-on-year growth of consistent annual growth of 12-15 percent. These statistics are based on a study done by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce.

The study claims that in 2018, India had about 50,000 startups, including 8,900-9,300 technology-led ones. In 2019, around 1,300 new tech startups were born, implying there are two to three tech startups born every day. Hence, to showcase this spirit of entrepreneurship across India, DPIIT has organized the maiden ‘Startup India Innovation Week’ from January 10-16, 2022.

Similarly, a report by NASSCOM and Zinnov indicates that more than 2,250 startups were added in the year 2021, which was 600 more than what was added in the previous year. It is reported that in India, startups raised US$ 24.1 billion in 2021, a two-fold increase over pre-COVID levels. During the pandemic, India has seen a greater number of Unicorn startups (with a valuation of over US$ 1 billion) in just 2021 than it did in the period 2011-20.

Clearly, startups in India have extraordinarily evolved and are contributing significantly to the country’s economic growth and development. We are witnessing an epoch of unparalleled innovation because of the steep rise of startups that brings transformative technologies and products to the marketplace.

As a leading manufacturing publication, MMI has the responsibility of bringing forth such stories of entrepreneurship and technological prowess that are making India a ‘Techade’. A big shout out to all our advertisers, contributors, and readers who motivate us to curate unmatchable content.

And since it’s a new year and a new beginning, I, on behalf of the MMI team, wish you all a highly productive and successful 2022.

 
SOUMI MITRA
Editor-in-Chief
Modern Manufacturing India
soumi.mitra@magicwandmedia.in 

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