India continues to leapfrog ahead as the global economy is under the cloud of recession, according to Anurag Singh Thakur, Union minister of Information and Broadcasting and Youth Affairs and Sports. He was speaking at ‘The Next500 2023’ event organised by Fortune India.

According to Thakur, the country has become the fifth-largest economy in the world in the past nine years.

"In the last nine years of the Modi government, we have leapt from an unstable economy to the fifth-largest economy in the world. So the trajectories and targets we have set out under Modi government 2.0 are being achieved in a time-bound manner. Good governance is a journey of ideation, innovation, improvement and implementation. And we are not confident but committed to the complete delivery of growth for India Inc. The future of India is linked to the fortune of its businesses and startups, and our citizen's indomitable need to succeed. The future of India depends upon the foresightedness and far-sightedness of our innovators and inventors," says Thakur.

India is truly emerging as the melting pot, a testing ground, a market and a simmering hotbed for innovation, says Thakur. "In 2021, we added unicorns every 29 days. In 2022, we added a unicorn every 9 days. Today our nation is making non-reversible and linear changes. Each change made today adds to the next innovation to the most complex problems of the society," Thakur adds.

The combined valuation of The Next 500 companies is far greater than the GDP of many small nations combined together. “The combined valuation of all the companies and enterprises present in this room is far greater than the GDP of many small nations combined together. This means that you all have it in you to actively take part in the overall development of this great nation and ensure that it is inclusive, equitable, sustainable and intergenerational,” says Thakur.

“Recognizing the vital role that start-ups play in driving innovation and economic progress, we have the Start-up India Seed Fund Scheme, Credit Guarantee Scheme and Fund of Funds for Start-ups in India,” adds Thakur.

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