Government schemes like ‘Make in India’ and ‘Startup India’, which offer incentives and simple regulatory processes for business, are among the crucial points that are fostering the sector’s growth.
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New Delhi: A startup ecosystem is a term given to all those budding brands and companies coming up with different ideas, inventions and research. These organisations can be from any industry, be it fashion, overseas education consultants, food, health, beauty or footwear and many more.
The number of startups in India has seen a rapid increase from 445 in 2016 to 86,713 in 2022. Besides, India has surpassed China in terms of producing maximum unicorns. According to dats, India has seen as many as 21 unicorns in the year.
“We have become the third-largest startup ecosystem in the world and with increasing numbers, it is evident that this position will significantly change in a couple of years,” Mamta Shekhawat, founder of study abroad platforms Gradding, said.
The Rise of the Indian Startup Ecosystem: Know the Reasons
The past decade has witnessed a surge in the startups because of the following reasons:
Demographics: A population of over 1.3 billion creates a vast market opportunity for those who possess skills and are eager to utilise those in their area of interest.
Technology Hub: India has always focused on STEM education (Science, Technology, Engineering and Mathematics). Thus, there is an abundance of tech talent, which drives people to use their knowledge.
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Government Support: The government has taken several initiatives to help out new businesses. Startup India has made the registration process much simpler. Also, the companies can avail tax benefits, which has streamlined the process to a great extent.
Talking exclusively to India.com, Aman J Jain, CEO and co-founder of Doodhvale, said, “The rapid rise of the startup ecosystem showcases the country’s entrepreneurial spirit and a motivation to deliver something exceptional to its customers. This wave of meteoric rise is possible because of the people’s interest and their ability to take high risks.”
A new wave of innovations is altering sectors and redefining success. The foundation of startups have not only revolutionised the market highlighting pioneering businesses, but also propelled India into the forefront of the global startup scene.
Vikas Verma, founder, Shashvat Ayurveda, said that India in the last 10 years has become a major center for startups with Bangalore, Mumbai and Delhi at the forefront of the movement.
“Various reasons like a young tech-friendly population, easier access to money, favorable governmental environment among others are adding to entrepreneurial mentality,” he said, adding that “from bold ideas to agile execution is the actual essence of what drives this thriving startup ecosystem in the country”.
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Government schemes like ‘Make in India’ and ‘Startup India’, which offer incentives and simple regulatory processes for business, are among the crucial points that are fostering the sector’s growth.
