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India will host the BRICS Startup event this year to connect with the BRICS countries’ startup ecosystems, Prime Minister Narendra Modi said recently.

Addressing the 14th BRICS Summit, Modi proposed establishing an online database for BRICS documents, BRICS Railways Research Network, and strengthening cooperation among MSMEs. 

Speaking at the opening ceremony of the BRICS Business Forum, Modi praised BRICS Business Council and BRICS Women Business Alliance for working persistently despite the pandemic. 

The Prime Minister also asked the BRICS business community to help in building technology solutions for startups, MSMEs and also, aid in resolving social and economic problems.

India presently has the third largest startup ecosystem in the world after China and the US. Its startup ecosystem is estimated to see a 12-15% year-on-year (YoY) annually. In 2018, it had 50K recognised startups. Of this, nearly 9000 were tech startups operating in diverse sectors of the economy.

Recently, the Prime Minister said that 2,300 fintech startups are presently working in the country whereas in 2018, India had merely 500 fintech startups.

Besides this, he also spoke about the biotech industry by adding that over 5000 startups are working in India’s biotech sector. Of this, around 1100 biotech startups were registered in the country last year.

He highlighted that investment in the biotech sector has substantially increased by 9x while fundraising activities have grown by 7x since 2014. As a result, the value of the biotech market has grown from $10 Bn to $80 Bn today. 

Talking about digitalisation in India, the Prime Minister said that the country’s digital economy is expected to reach $1 Tn by 2025. Meanwhile, the nation is expecting a 7.5% growth rate in 2022 therefore, becoming one of the fastest-growing economies in the world.

In the last few years, India’s digital revolution has reshaped the entire economy by shoring up various sectors such as digital payment, education, entertainment and medical sector among others. 

On the other hand, internet penetration has helped masses in educating as well as upskilling themselves, digitising their small enterprises effortlessly, utilising the available information thereby, making better decisions.