India is soon going to be a home for a number of start-ups. With initiatives such as Make in India, startupindia, skill development centres, there has been an exponential growth in the no of incubators, entrepreneur, startup hubs etc. In fact, the number of startups in India is expected to nearly quadruple from 3,100 in 2014 to over 11,500 by 2020. A recent report by the industry body National Association of Software and Services Companies (NASSCOM) found that India is now the third largest startup hub in the world, with more than 3000 new companies. If growth prevails in the same way it is expected to generate 2.5 Lakh jobs in the next 5 years which mean the rate of unemployment is reduced and the economy of the country turns to a better shade. The startup culture prevailed in India is acting as a catalyst in fuelling the Indian economy. The startup culture will be creating a major impact if the growth is happening at this rate.
In the last five years, the economy has witnessed a significant rise in the number of start-up companies, which is still growing. In fact, over $6.4 billion has been invested into Indian startups in the first three-quarters of last year, reported Firstpost. 90% of the startup activity in India seems to be happening in top 6 cities of Bangalore (28 per cent), Delhi-NCR (24 per cent), Mumbai (15 per cent), Hyderabad (8 per cent), Pune (6 per cent) and Chennai (6 per cent).Kolkata, Ahmedabad, Kochi, Jaipur and Thiruvananthapuram.
PM Modi’s Digital India initiative has brought a new dimension to the local economy – from new jobs to more innovation and a booming startup community – the opportunity in India has never been better. With roughly 4,200 startups, eight of which are valued at over $1 billion, India’s numbers are now directly behind that of the US and the UK. And three to four new Indian startups are emerging every day. Fueling this dynamic startup scene is a cultural shift that inspires all employees to think big, take risks, and innovate fast to capitalise on market trends – a mindset that is new to much of the Indian business community. Cisco has invested 240 million USD allocation in promoting the growth of early-stage and growth stage companies and has supported 25 startups through direct and indirect investments. Other companies like Google and Intel are also working to provide mentorship, training, and financial backing to the startup ecosystem. It is said that almost all global giants such as Walmart, Goldman Sachs, Target, Thomson Reuters are eyeing towards Indian startups to tap the huge business opportunity.