According to the Economic Survey 2021-22, the national union territory, Delhi has replaced Bengaluru as the country’s start-up hub, with more than 5000 recognised startups that were established between April 2019-December 2021.
While in Bengaluru, 4514 start-ups were added between April 2019 to December 2021. And with a total of, 11308 start-ups, Maharashtra has the highest number of recognised startups.
India had a record number of startups (44) reach unicorn status in 2021.
India overtook United Kingdom to emerge as the third highest country, after the US and China, which added 487 and 301 unicorns the same year, respectively.
The number of recognised start-ups have increased to over 14,000 in 2021-2022 from only 733 in 2016-17.
So, after the US and China, it is India that has become the third-largest startup ecosystem in the world.
This annual report of the economy examines the performance of several sectors and provides feedback accordingly. Not only that, it also puts forward the GDP growth projection.
Economic Survey highlights that, as of 14 January, India had 83 unicorns with an overall total valuation of $277.77 billion. And most unicorns are in the service sector, which contributes over 50% to India’s GDP.
The survey highlighted that there was a steady increase in the filling and granting of patents in India. The number of patents filed has increased from 39400 in 2010-11 to 45,444 in 2016-17 to 58,502 in 2020-21. And the patents granted in India have gone up from 7509 to 9847 to 28391 during the same time duration.
