Sitting in a Gurugram office, Bharat Kalia got the idea of creating a startup of consumer durables. From teaching full time to making it a startup idea, Byju Raveendran changed the game. Leaving their cushy corporate jobs behind, many job seekers have taken the road of being job creators in the country.
With changing times, the job market has witnessed a massive change, and India sees a shift in trends in the world of startups. Startups being called as the 'backbone' of the country, PM Modi calls January 16th the " National Startup Day."
Startups Are The New Reality
The startup ecosystem in the country is becoming a new reality. It recorded an investment of nearly $36 billion in privately held companies in 2021. The startup count in India has grown up to 60 thousand. PM Narendra Modi announced that about 42 unicorns (startups valued at over $ 1 billion) came up last year. He added that around 28 thousand patents were granted in 2021 compared to 4 thousand in 2013-14.
PM Modi said, "Don't just keep your dreams local, make them global. Remember this mantra - let's innovate for India, innovate from India," wrote Mann ki Baat Updates in a Twitter post.
"Don't just keep your dreams local, make them global.— Mann Ki Baat Updates मन की बात अपडेट्स (@mannkibaat) January 15, 2022
Remember this mantra - let's innovate for India, innovate from India."
- PM Shri Narendra Modi. pic.twitter.com/bfTSK6zomo
In a report, the National Association of Software and Service Companies (Nasscom), a trade association and advocacy group and Zinnov (business management consultant) said that India may have 100 new startups by 2025, Hindustan Times reported.
India has emerged as the third-largest startup ecosystem in the world after US and China. With 31 startups, Bengaluru is called the startup capital of India, followed by Delhi with 18 and Mumbai with 13, Times of India reported.
India's position has improved from 81 to 46 in the Global Innovation index 2021.
India's StartUps are changing the rules of the game.— Narendra Modi (@narendramodi) January 15, 2022
They are the economic backbone of New India. pic.twitter.com/B4gD2zHSpF
What Does Survey Say?
The Randstad Workmonitor survey of 2017 shows that 83 per cent of the Indian workforce like to be an entrepreneur, which is higher than the global average of 53 per cent. As per the survey, people in the age group 45-54 years are hesitant to start their own business, whereas people of 25- 34 years and 35- 44 years are more open to entrepreneurship. The survey shows that 56 per cent of the respondents considered leaving their jobs to start their business.
Government Support To Startups
The Indian government has started many schemes and policies to promote a startup culture. The Make in India initiative focused on transforming India into a global manufacturing hub. The Stand Up India initiative announced entrepreneurship and job creation with a particular focus on Scheduled Tribes, Scheduled Castes and Women. The Startup India campaign, launched in 2016, focused on promoting bank financing for startups to boost entrepreneurship in the country. The government has lately launched the MeitY SAMRIDH Scheme to provide financial support to software startups.