In 75 years of independence, India has steadily progressed from being a financially unstable nation to a global powerhouse. From reaching Mars to building the largest Solar power plant in the world, India has constantly been in the news as a top contender for power.
While the world was in turmoil due to the pandemic causing banking disruption, India went ahead to implement full-fledged financial digitalization with UPI. This system has set a model example for countries worldwide.
The statistics-driven data
The primary reason for the rising global status of India is the Startup Ecosystem that has made innovation an integral part of the development. As of 2022, India is the 3rd largest startup ecosystem in the world after the USA and China. With 83 unicorns, India is way ahead of the UK and Germany, which have 32 and 18 unicorns, respectively, as of 2022.
If you think Shark Tank India is the reason behind the sudden boom in the startup culture in India, you are far away from the truth. Yes, it is true that compared to 733 government-recognized Startups in 2017-2018, it has risen to 14,000 in 2021 alone.
Today the nationwide toll of recognized startups stands at 61,4000. More surprising is that over 555 districts are the origin of these new ventures, contrary to popular belief that startups are only found in clusters in specific hi-tech cities like Mumbai, Pune, Bangalore, and Gurgaon.
Driven by the ideology of “Jugaad”
From using old t-shirts as dusters and mops to utilizing electronics for random purposes other than what they are meant to be used for, we love finding creative alternatives for everything around us. While the world laughed at the memes and funny jokes about Indian jugaad, younger generations went ahead to create million-dollar businesses out of it.
Flipkart took the nation by craze, but how many know it began its journey as a portal for second books? Sugar Cosmetics is an Indian brand competing with global powerhouses like Maybellene and LOreal today. From Swiggy to Nykaa, every startup is a commendable story of turning everyday necessity into an opportunity.
Government’s role in the changing scenario
Prime Minister Narendra Modi addressed the present position of India among the top startup ecosystem during the Rotary’s 113th annual international convention and was noted saying that the citizens are indeed moving towards a future “Atmanirbhar Bharat.”
Many startups are working towards providing solutions to global problems. Creative ideas are brewing every moment, from recyclable products to ingenious alternatives to plastics.
Smaller firms like Mystyle Communications and many more are offering innovative solutions to global powerhouses in marketing, sales, PR, and many other services. These services are in high demand today because of the refreshing ideas and perspectives.
In the quest to reach the milestone of 100 unicorns in the next year, the Government has launched numerous initiatives and opportunities to assist newcomers with all the needed resources.
From Stand Up India Scheme and the PM Employment Generation Programmes to India- Qatar Startup bridge, numerous prospective opportunities are being created to help innovators find the much-needed scope.
State-run initiatives to promote startup culture and flexible credit facilities are already being successfully implemented and used to motivate the growth of these projects into full-fledged companies and organizations.
The zeal to go on without stopping
Launching a startup is easier than maintaining its steady growth and taking it to a higher place. Studies have shown that over 50 percent of the startups shut down their operation within the first 5 yrs of establishment due to financial discrepancies, lack of consumer support, and many more such reasons.
Despite all the assistance and external help, a startup requires more than finance and innovation to thrive and grow to a secured position. The zeal to keep moving and constantly upgrade is often lost amidst the chaos and the busy schedule. Hence the need for a constant reminder that only the best can survive to become a success story.
