India is world's fastest growing innovation ecosystem: Minister

Dubai: India is the fastest growing innovation ecosystem in the world where around 102 unicorns have been created in the last few years, Minister of State for Skill Development, Entrepreneurship, Electronics and Information Technology Rajeev Chandrasekhar has said here.

Speaking at 'Vishwa Sadhhavna' event here on Saturday, Chandrasekhar said that none of these unicorns have famous last names. "They don't have any political connection. They have been built on enterprise and capability, and determination and hard work," he said.

The minister spoke about various initiatives taken by Prime Minister Narendra Modi and transforming India into "New India" during the Dubai Chapter of the event, organised by the NID Foundation.

He said that Prime Minister Modi "is very clear that businesses create investments, they create jobs, and most importantly, they create revenues for the government to support those who are vulnerable."

Chandrasekhar said that India has covered a great distance in the electronics and digital space.

"In 2014, 92 percent of all mobile phones that we used in India were imported. In 2014, we exported zero electronics, and now in 2022, 97 per cent of the mobile phones consumed in India are manufactured at home," he said.

According to Chandrasekhar, the total exports of mobile phones alone as a category was Rs 70,000 crores. He also said that for the first time in independent India's history, actual tax collection exceeded the targets by over 10 per cent last year.