There is a new energy in our startup space and in the first 6 months of 2021, India has seen 15 more unicorns says Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs and Food & Public Distribution and Textiles while addressing the Plenary Session of CII-Horasis India Meeting 2021 on India’s Emerging Industry & Trade Architecture.

He stated that Indian startups are more than commercial success stories and they are key to India’s transformation. 

He said that despite COVID-19 disruptions, there are clear indications of economic revival in India and exports are going up and FDI inflows are highest and Indian industry is indeed on a growth path.

The Minister said that the highest ever merchandise has been logged for exports in a quarter (Q1 2021-22, $95 billion) in the history of India (+18% than Q1 of 2019-20). He added that in July (till 3rd week), exports $22.48 billion, +45.13% with respect to the same period in 20-21, +25.42% with respect to 2019-20.

He further added that the labour intensive and employment generating sector of Engineering goods has also registered growth of +33.70% in 3rd week of July with respect to 20-21 and +51.2% with respect to the same period in 2019-20.

It may be noted that with a positive momentum, India is working in mission mode to achieve the target of US $400 billion merchandise exports in 2021-22.

Goyal said that the Indian growth story is now being reflected across all the sectors from EoDB to exports and from startups to services, India is taking giant leaps in each sector.

Addressing the plenary session, Goyal said, "This situation has arisen as a result of consistent efforts to bring structural changes in the last 7 years. Some of these key changes include large scale digitisation, modernisation, simplification, and facilitation."

Goyal added that growth centric reforms has enabled India to embark on a holistic economic transformation and as a result, India is growing with SPEED - Stability, Productivity, Enterprise, Entrepreneurship, and Demand.

Goyal implored that Indian Industry must rest on strong foundations of Quality, Productivity & Economies of Scale. He said that under the Prime Minister, India decided to revolutionise its manufacturing sector by bringing the PLI Scheme - to produce national manufacturing champions in each sector.

It may be noted that Centre has announced the PLI Schemes worth US $26 billion covering 13 sectors in the 5 years. The PLI scheme will transform India into a powerhouse of leading industries in the post COVID world.

Goyal said that by focusing on our competitive and comparative advantage, to be a larger stakeholder in GVCs, India has become a trusted global business partner.

The minister said that India endorses the concept of working towards ensuring a transparent, dependable and reliable supply chain and there is a natural inclination among countries to partner with India.

Goyal said that all stakeholders of India's economic progress and participants in the session, should look for emerging short term and long-term growth opportunities. Vaccines, pharma products, ICT-related goods and services etc are good possible areas of opportunities for immediate and short-term need.