India’s Commerce Minister, Piyush Goyal, announced that the government aims to foster 5,000 unicorns in the country.

Speaking at the Vejalpur Startup Festival 2.0 in Gujarat, Goyal stated that the initial target is to increase the number of unicorns to 1,000 before ultimately reaching 5,000. However, he did not specify a timeline for this goal.

Goyal emphasized the growth of India’s startup ecosystem, which he believes is encouraging individuals to shift from job seekers to job creators. He mentioned that several countries are looking to adopt India’s development model, which includes initiatives such as Startup India.

The minister highlighted the significant role startups can play in innovation within manufacturing, marketing, and packaging. He urged entrepreneurs to adopt a “people-centric model development” and to perceive failure as a learning opportunity on the road to success.

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