Union Minister Hardeep Singh Puri: “The only requirement for success ten years ago, under the previous government’s regime, was connection…but the kind of success stories we have today…The corporate tax rate for both new and existing manufacturing enterprises has been reduced from 25% to 15%. Corporate tax was decreased from 30 to 22. 41,000 required compliances were lowered or eliminated. More than 3,000 compliances were made lawful. 1,500 outdated legislation were updated. In 2015, how many unicorns were there? Four. 2018 saw eight. 2019 will see nine. There will be 10 new unicorns in 2020 and an astounding 42 in 2021. We had 21 new unicorns in 2022. It is 113 as of May 2024. Furthermore, India is first among new startups, second overall in terms of startups, and third in terms of unicorns.”