NEW DELHI: President Ram Nath Kovind praised India's startup success storey on Monday, saying the expanding startup ecosystem had created more than 6 lakh employment to date. Kovind told a joint session of Parliament that India has seen 60,000 entrepreneurs in 56 different areas since 2016.

"Our startup business is also an illustration of the limitless new possibilities that are swiftly emerging under our youth's leadership. In our country, 60,000 new startups have been founded in 56 different areas since 2016 "he stated emphatically.

"These startups have created more than six lakh jobs. During the Corona period in 2021, India saw the emergence of more than 40 unicorn businesses, each with a minimum market valuation of Rs 7,400 crore ($1 billion) "The President stated.

According to a Nasscom-Zinnov study released earlier this month, Indian entrepreneurs raised a record $24.1 billion in 2021, a two-fold increase above pre-Covid levels, with $6 billion raised through 11 company IPOs.

The Indian digital startup ecosystem continues to expand, with over 2250 startups added in 2021, 600 more than in 2020. According to report, India, which has 70 unicorns, added a record number of new unicorns (42) in 2021 across 18 sectors, ranking third after the United States and China, with a total valuation of $90 billion.

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