Unicorns and economic growth

30 DEC,2021 | MEDC


 

2021 was a golden year for startups in India. By some estimates, the number of unicorns in India more than doubled in 2021, with over 40 startups crossing the billion dollar valuation mark. That is good news, but it is too much to expect that unicorns constitute a new engine of national economic growth. We need to realize that in terms of growth, nothing can replace strengthening the physical economy. Boosting economic growth calls for engaging in extensive infrastructure development to revitalize and interconnect MSMEs. Policy also needs to enhance the ease of doing business in the economy by addressing the complexity and investor-unfriendliness of our fiscal system. The success of unicorns does reflect positively on the quality of our entrepreneurial talent, but inclusive and sustainable socioeconomic growth necessitates a different set of policy priorities. We need to be clear about that.

*Photo Credit: Google

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