Among the developing countries, India is one of the fastest growing economies, but the challenge of job creation will remain the single-most-important factor affecting growth for governments and industry. A lot still needs to be done because India needs to provide 300 million jobs by 2030. Start-ups have the key to solve one of the biggest problems, India is facing now – unemployment crisis.
According to the latest NASSCOM start-up Report 2015, start-ups created 65,000 new jobs in 2014 and by 2020, the number is expected to touch 2,50,000. These impressive figures speak volume about potential unleashed by Indian startups.
Beating China and Israel, India has recently become the third largest eco system after UK and US. India has always gained respect for its talented and enterprising youth and of late, the international business community has accepted it as one of the most attractive destination for investment. In last few years, India has witnessed significant scale up in start-ups and skyrocketing initial valuations, exceeding $ 1 billion in some cases.
PM, Narendra Modi has rightly recognized the potential of startups and he is aiming a large number of Indians to be self-employed and becoming masters of their own fates. Government of India is working towards right direction to create an enabling ecosystem for startups. Empowering young entrepreneurs not only increases India’s innovation potential, but also creates huge employment potential. Startups are expected to generate much needed massive employment and propel India to the next orbit of growth.
In Bangalore there is a startup born every day. No wonder there is an influx of so many young people in search of opportunities to that city. But Bangalore in not the lone example of entrepreneur revolution demonstrated. Many state governments have come forward to facilitate and take to next level, Prime Minister’s ‘Make in India’ and ‘Digital India’ campaign.
Karnataka was the first state to have its own start-up policy, which was followed by Kerala, Telangana, Punjab, Rajasthan and Gujrat. Riding high on the success of Bangalore, many next generation startup cities are coming up in India.
Most of the state governments are flexible and open to new ideas. A pro-active startup ecosystem is heralding a positive change where many youngsters are becoming masters of their own fates besides helping others shape up their career objectives. India has no dearth of talent and skillsets, all it is needed now, is more transparent and business friendly government policies. If that can happen, private sector will easily be able to surpass the projections made by NASSCOM as far as employment generation is concerned.