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Startups On Indian Economic Growth: ISSN (PRINT) : 2393-8374, (ONLINE) : 2394-0697, VOLUME-5, ISSUE-3, 2018
Startups On Indian Economic Growth: ISSN (PRINT) : 2393-8374, (ONLINE) : 2394-0697, VOLUME-5, ISSUE-3, 2018
ABSTRACT
With the gen-next breezy trend to initiate KEYWORD: Economy, Young
working on fresh and inventive ideas, India is Entrepreneurs, 2020, Culture, High
all situate to do better than all other nations Turnover.
on the world stage in the upcoming years.
Giving the path to small businesses for young INTRODUCTION
entrepreneurs is positively going to improve A startup is a company that is in the first stage of
Indian economy in the near future. India is a its operations. These companies are often
home for almost 3100 startups starting per initially bankrolled by their entrepreneurial
year standing just behind US, UK and Israel founders as they attempt to capitalize on
according to the NASSCOM report of 2015. If developing a product or service for which they
the growth is continued on the same pace then believe there is a demand. Due to limited revenue
it is expected that Indian tech startups will or high costs, most of these small-scale
generate almost 2.5 lakh jobs in the next five operations are not sustainable in the long term
years. without additional funding from venture
capitalists.
India is also said to enjoy demographic
dividend and it is likely that by 2020 India will In the present status 10 million jobs are needed a
be a residence to 112 million functioning year, large enterprise is not the only source to
population falling in the age bracket of 20-24 create new jobs in any country. Startups act as
years as compared to that of 94 million centre for innovation and enhance employment
workers of China. This demographic dividend in the country. However, more important aspect
will absolutely make better the startup culture is the technological enhancement they bring to
in the country. the country. Startups involve dealing with new
technology which generally lies at the highest
Bearing in mind the significance of end of value addition chain. With more and more
responsibility that the Indian startups are all startups India can aspire to be world leader in
locate to play in the enlargement of Indian skilled work and not just an outsourcing
economy. The turnover achieved through the destination for cheap IT services.
startups and the vast numbers of jobs that can
be created by facilitate startups, even the Bringing new competitive dynamics in the
market controller Securities and Exchange economic system – Startup companies are the
Board of India (SEBI), the ease of use of most dynamic economic organizations on the
startup regulation led to facilitate the flow of market, since they provide additional dynamics
funds from the market to startups. and competitiveness to any economic system.
This means that the economy stays healthy, vital
The startups will not only make the and diligent, while individual companies find it
lives of the citizens easier through their harder to fall asleep on their laurels. Startup
inexpensive and expedient services but will entrepreneurship is crucial because it brings
also act as a key booster for the expansion and innovations, new jobs and competitive dynamics
steps forward of the Indian economy. into the business environment.