Union Finance Minister Nirmala Sitharaman on Wednesday said that the Indian economy has witnessed the creation of 28 unicorns, or startups valued over $1 billion, this year on the back of a series of reforms unleashed by the Centre.

FM Sitharaman said the Indian economy has witnessed a spur of unprecedented growth in the form of startups in the last two decades. The finance minister was addressing a virtual conference organised by the Indian Private Equity and Venture Capital Association (IVCA).

The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised over 56,630 startups across districts throughout the country, IVCA said in a statement quoting FM Sitharaman.

"Indian startups have so far created 65 unicorns out of which 28 have been created in 2021. This shows that there is increased activity in this space and a lot of capital from angel investors. A series of reforms have been unleashed. Different capacities of Alternative Investment Fund (AIF) have been given more flexibility," the finance minister said.

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