Indian startups, emerging entities attract over $150 billion funding in a decade: Piyush Goyal

There has been a surge in private investments in the last 11 years, with Indian startups and emerging entities attracting significant private funding to the tune of over $150 billion in the past decade, Commerce and Industry Minister Piyush Goyal said on Thursday.

More than Rs 22,900 crore have been invested in over 1,270 startups via the government's Fund of Funds for Startups scheme.

"India is embracing technology like no other! This digital transformation is the outcome of the forward-looking vision and timely policy interventions under the leadership of Prime Minister Narendra Modi. Every section of society and every aspect of life has been positively impacted by 11 years of Digital India," Goyal said in a post on social media platform X.

IP filings by the domestic startups surged from 2017 to 2024, with over 355 per cent growth in patents and more than 543 per cent growth in trademarks.

India now ranks 39th globally on the 'Global Innovation Index 2024'.

Goyal said he is proud to witness the profound impact of PM Narendra Modi's revolutionary initiative 'Startup India' on boosting innovation and enterprise in the country.

"The remarkable talent of our youth and women is powering this revolution and driving India's economic growth with unparalleled vigour," he mentioned.

India has become the third-largest startup ecosystem in the world, with more than 1.5 lakh startups and over 100 unicorns.

"11 years of Digital India has empowered every citizen with seamless services, financial access, and last-mile connectivity," said Minister of State for Commerce and Electronics and IT, Jitin Prasada.

The digital revolution, which began 11 years ago, is entrenched in almost every policy-making and public welfare scheme delivery with elaborate plans on how to bring benefits to the poor, downtrodden and marginalised sections.

Prime Minister Modi took to X on Thursday and wrote about "leveraging the power of technology in bringing innumerable benefits for people".

"Service delivery and transparency have been greatly boosted. Technology has become a means of empowering the lives of the poorest of the poor," he further said.