Unicorns to add $1 trillion to economy by 2030, generate 50 million jobs: CII report
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Industry body the Confederation of Indian Industry (CII) in report 'Unicorn 2.0: Adding the Next Trillion' has said that new unicorns are likely to add $1 trillion to the Indian economy, which would reach $7 trillion size by 2030, and add 50 million new jobs. Startup firms valued over $1 billion are categorised as unicorns.
Sectors such as retail and e-commerce, next-gen financial services, manufacturing, and SaaS and digital are poised to drive massive growth in the coming years. CII said the report 'Unicorn 2.0: Adding the Next Trillion' has been prepared with McKinsey & Company as the knowledge partner.
The first unicorn was seen in India in 2011, and after a decade, India has crossed the mark of 100 unicorns. The combined valuation of 113 unicorns is $350 billion as of January 2024. The industry body said that the emergence of over 100 unicorns is a remarkable achievement, attributed to several pivotal factors, which encompass a digitally adept young population facilitated by widespread access to mobile internet, the growth of the middle class, and a supportive regulatory framework.
