India’s startup ecosystem is poised to play a crucial role in the country’s economic growth during the ‘Techade’, with startups projected to contribute nearly $120 billion, or 1.6% of GDP, by 2030.
This marks a significant increase from $35 billion in 2023, according to a new report by Kalaari Capital, a leading venture capital firm.
The report highlights India’s emerging potential, noting that developed economies typically see 5-10% of their GDP driven by tech startups. India’s growth in this sector, however, is only just beginning.
By 2047, as the nation aims to become a ‘Viksit Bharat’ with a $35 trillion economy, startup contributions could soar to $1.6 trillion, accounting for 5% of GDP.
India is also likely to see its unicorn count grow from over 100 today to more than 300 by 2030.
The report emphasizes that the ‘Techade’ is just the initial phase of India’s long-term growth journey, with significant expansion expected in both manufacturing and services.
These sectors will likely contribute an additional $800 billion in export value to the GDP.
Beyond economic contributions, India’s recognized startups have already created over 1.66 million direct jobs across more than 55 industries.
The highest job creation has been in the IT sector (204,119 jobs), followed by healthcare and life sciences (147,639 jobs) and professional services (94,060 jobs), according to the latest data from the Department for Promotion of Industry and Internal Trade (DPIIT).
Startups in education (90,414 jobs), human resources (87,983 jobs), construction (88,702 jobs), food and beverages (88,468 jobs), agriculture (83,307 jobs), and artificial intelligence (23,918 jobs) are among the other significant job creators.
With over 146,000 DPIIT-recognized startups and more than 100 unicorns, India continues to lead in fostering entrepreneurship.
The government’s ‘Startup India’ initiative has been instrumental in supporting this growth through various programs, including the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), and the Credit Guarantee Scheme for Startups (CGSS).
Additionally, the government launched the ‘Startup India Hub’ portal, providing a centralized digital platform to help entrepreneurs access resources, information, and benefits under the initiative.
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