Prime Minister Narendra Modi stated in his Independence Day speech that yesterday's startups are today's unicorns, highlighting India's new-age economy's record fundraising and jump in valuations so far this year.

Thousands of startups arose during the pandemic, with some of them going on to become unicorns, according to the prime minister.

"Their market value is touching thousands of crores. They are new kinds of wealth creators in the country. They are standing on their own with the power of their unique idea,” Modi said from the ramparts of the Red Fort in New Delhi. “They are marching forward. In this decade, we need to work to make the Indian startup ecosystem the best.”

"The government is standing behind them with full vigour,” he added.

In his Independence Day speech, Modi also encouraged the country's youth, referring to them as the "can-do generation" capable of achieving any goal.

"I believe in the fruits of action. I have faith in the youth of my country. I believe in the sisters of the country, daughters of the country, farmers of the country and professionals of the country," he said. “No obstacle can stop India from fulfilling its 21st-century dreams and aspirations. Our strength is our vitality, our strength is our solidarity. Our life force is the spirit of the nation first.”

According to a forecast by 3one4 Capital, the Indian startup ecosystem would experience a three-fold growth in valuation and a considerable increase in the number of Unicorns, which now stands at 59, by 2025.

According to the estimate, there will be 100,000 startups by 2025, up from roughly 55,000 presently. Between 2021 and 2025, they will attract $100 billion in investment, employ 3.25 million people, and become the world's second-largest ecosystem behind the United States, according to the report, which also stated that India will be home to over 150 unicorns.