A record 44 Indian startups reached unicorn status in 2021, according to Economic Survey 2021-22, which was tabled in Lok Sabha on Monday. The Survey mentioned that as many as 61,400 startups have been recognized in India as of January 10, 2022. It overtook the UK to emerge as the third highest country in number of unicorns after the US and China which added 487 and 301 unicorns respectively in 2021. Delhi has replaced Bengaluru as the startup capital of India, according to the Economic Survey 2021-22.
The survey says that over 5,000 recognised start-ups were added in Delhi while 4,514 start-ups were added in Bengaluru between April 2019 to December 2021. As of January 14, 2022, India has 83 unicorns with a total valuation of $ 277.77 billion. It said, Startups in India had grown remarkably over the last six years, most of which belonged to Services Sector.
The Survey also stated that Services Sector contributed over 50% to India’s GDP. The segment registered a steady recovery during the first half of the current fiscal year. “Overall, the Services Sector grew by 10.8% Year on Year (YoY) in first half (H1) 2021-22”, said the Survey.
The overall Services sector GVA is expected to grow by 8.2 per cent in 2021-22, although the spread of Omicron variant brings in a degree of uncertainty for near term, especially in segments that require human contact, the Survey emphasised.
The Survey noted that the Services Sector was the largest recipient of FDI inflows in India. During H1 2021-22, Services Sector received $ 16.73 billion FDI equity inflows. “Financial, Business, Outsourcing, R&D, Courier, Tech testing & Analysis along with Education sub sector witnessed strong FDI inflows”, mentioned the Survey.
The Survey highlighted that India had a dominant presence in global services exports. It remained among the top ten services exporter countries in 2020, with its share in world commercial services exports increasing to 4.1% in 2020 from 3.4% in 2019.
The Survey also mentioned that intellectual property, specifically patents were key to knowledge-based economy. “The number of patents filed in India has gone up to 58,502 in 2020-21 from 39,400 in 2010-11 and the patents granted in India has gone up to 28,391 from 7,509 during the same period”, noted the Survey.