“Unicorn 2.0: Adding the next trillion” report released by Confederation of Indian Industry (CII) | Current Affairs | Vision IAS
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“Unicorn 2.0: Adding the next trillion” report released by Confederation of Indian Industry (CII)

Posted 27 Mar 2024

Updated 30 Mar 2024

2 min read

  • Report assesses the growth and impact of India’s existing unicorn and startup ecosystem (Unicorn 1.0) and provides a vision for its future (Unicorn 2.0). 

 

  • Impact of Unicorn 1.0 (2010-23):
    • Economy: Contribution of 10-15% to GDP growth with 100+ unicorns (3rd highest globally) and 1 lakh startups.
    • Increased inclusivity and sustainability: 20-25% of new employment creation, 50 million plus fintech powered MSMEs, and 40th rank in global innovation index. 
    • Democratizing consumption: Greater affordability with 30-40% lower cost of education and healthcare, and improved e-commerce reach

 

 

  • Unicorn 2.0 (2024-35) has the potential to substantially transform India’s society and economy with additional contribution of $1 trillion to GDP and wide-scale democratization of digital services by 2030.
    • Shifts that will define Unicorn 2.0 will include 15-25 globally leading startups, 25+ innovation led companies, near zero instances of corporate governance lapses and broad-basing of investor ecosystem etc. 

 

  • Recommendations for Unicorn 2.0:
    • Capital: Participation of retail investors, and public sector institutions in funding.
    • Re-wired Governance: Defined guidelines and corporate governance framework for startups.
    • Regulation: Supportive tax environment.
    • Innovation: Encouraging startups to invest in academic research and monetize resulting IP.
    • Talent: Development of a deeper talent pool through apprenticeship-based certification/courses.
  • Tags :
  • Startups
  • Unicorn
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