“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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