India has emerged as the world’s third-largest startup ecosystem with over two lakh recognised startups and more than 100 unicorns, former President Ram Nath Kovind said on Sunday, asserting that enterprise must align profit with purpose to sustain growth.
Addressing an event hosted by Jain International Trade Organisation (JITO) in the national capital, Kovind said the scale and global standing of India’s startup landscape reflect the country’s expanding innovation base and its capacity for job creation.
India’s ecosystem, now ranked third globally, comprises more than two lakh recognised startups across sectors. Over 100 of them have achieved unicorn status, underlining the rise of high-value enterprises.
With global leaders and technology experts converging for the AI Impact Summit, Kovind said the convergence signalled India’s growing stature in emerging technologies. He described the country’s global ranking and expanding base of high-value startups as evidence of innovation and world-class enterprises emerging “from every corner of India”.
Speaking to investors and mentors at ILLUMIN8, JITO’s national startup initiative, Kovind said, “Business and values are not opposites, but partners. Profit and purpose must move forward together”.
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He observed that Jain principles reflect an understanding that societies driven solely by profit may advance temporarily but risk losing direction over time. “Wealth that serves society becomes meaningful, and enterprise rooted in ethics becomes enduring,” he said.
Jeenendra Bhandari, Chairman of the JITO Incubation and Innovation Foundation, said India’s startup journey has moved beyond headline valuations. “India's startup story is no longer just about valuation. It is about value creation for the real economy,” he said.
He added that sustained policy backing has reinforced investor confidence. “The government's continued commitment, including initiatives like Startup India Fund 2.0, sends a powerful signal that risk-taking and innovation are not just tolerated but also encouraged. India's founders are not merely building companies, but they are building economic momentum, jobs and global competitiveness,” Bhandari said.
The remarks come amid a renewed policy thrust on entrepreneurship and innovation, with government-backed funding mechanisms and incubators seeking to deepen capital access and mentoring support for early-stage ventures.
India’s startup ecosystem, spanning technology, manufacturing, services and social enterprises, has increasingly been positioned as a driver of employment generation and economic competitiveness in a rapidly evolving global landscape.
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