Are there really millions of startups
Any relatively new business? Sure, there are tens of millions of those started every year globally.
Six million small businesses are formed each year in the US (any new business with less than 500 employees), most of those are small, usually single person, self-employment entities. That's clearly too broad however.
Closer to the definition of a corporation being formed with the intent to hire other employees, it's more like half a million per year in the US. [1] It's probably safe to say it's at least five or ten times that globally.
[1] http://money.cnn.com/2016/09/08/news/economy/us-startups-nea...
In principle they could grow into a Home Depot / McDonalds, but it is still strange to call them startups
You may be right that there are millions of startups, but this particular test seems a little... speculative.
India is a land of paradoxes, just as the U.S these days seems to be.