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Source: The post is based on the article “India ranks globally 3rd in Start-Up ecosystem and also in terms of number of Unicorns: Union Minister” published in PIB on 12th August 2022.
What is the News?
The Union Minister of Science and Technology has informed about the Startup and Research & Development(R&D) Ecosystem in the country.
About the Startup and Research & Development(R&D) Ecosystem in India
Startup Ecosystem in the Country: India ranks 3rd globally in Start-Up ecosystem and also in terms of number of Unicorns.
– As per the latest data, there are currently 105 unicorns, out of which 44 were born in 2021 and 19 in 2022.
– Note: Unicorns are privately held, venture-capital-backed startups that have reached a value of $1 billion.
– India’s startups are not limited to only metros or big cities as around 49% of the start-ups are from tier-2 and tier-3 cities.
– Scheme: National Initiative for Developing and Harnessing Innovations(NIDHI) is an umbrella program of the Department of Science and Technology for nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups.
Research and Development(R&D): India has increased the Gross Expenditure on R&D (GERD) more than three times in the last few years. Currently, India has over 5 lakh R&D personnel, a number that has shown a 40-50% increase in the last 8 years.
– Moreover, women’s participation in R&D has also doubled in the last few years and now India occupies 3rd rank in terms of number of PhDs awarded in Science and Engineering (S&E) after the USA and China.
India’s ranking in Global Innovation Index(GII): India has created a massive jump in its global ranking of Global Innovation Index(GII) from 81st in the year 2015 to 46th in 2021 among 130 economies of the world.
Science, Technology and Innovation(STI): India in recent 7-8 years has made unprecedented progress in STI areas.
– For instance, there has been a significant rise in the country’s overall performance in terms of a number of publications (globally ranked 3rd now from 6th in 2013 based on National Science Foundation database), patents (globally ranked 9th in terms of resident patent filing) and quality of research publications (globally ranked 9th now from 13th in 2013) during the last 7 years.
