(MENAFN- KNN India)
New Delhi, Dec 20 (KNN) A new report by venture capital firm Kalaari Capital projects that start-ups will emerge as a fundamental driver of India's economic growth during this 'Techade,' with their contribution to the nation's GDP expected to reach USD 120 billion by 2030, marking a significant increase from USD 35 billion in 2023.
The report suggests that India's start up ecosystem has substantial room for growth, noting that developed economies typically see 5-10 per cent of their GDP coming from tech start-ups.
Looking further ahead, the report forecasts that start-up contributions could expand dramatically to USD 1.6 trillion by 2047, representing 5 per cent of GDP, aligning with India's vision of becoming a 'Viksit Bharat' with a USD 35 trillion economy.
The start-up landscape is expected to witness remarkable growth, with the number of unicorns projected to triple from the current 100-plus to over 300 by 2030.
The impact of start-ups extends beyond economic metrics, with government data revealing that recognised start-ups have generated more than 1.66 million direct jobs across 55+ industries.
The technology sector leads employment creation with 204,119 jobs, followed by healthcare and life sciences with 147,639 positions, and professional services contributing 94,060 jobs.
Other significant employment generators include education, human resources, construction, food and beverages, agriculture, and artificial intelligence sectors.
India's start-up ecosystem currently encompasses over 146,000 startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT). The government actively supports this growth through various initiatives under the 'Start-up India' program, including the Fund of Funds for Start-ups, Start-up India Seed Fund Scheme, and Credit Guarantee Scheme for Start-ups.
To streamline access to resources and benefits, the government has established the 'Start-up India Hub' portal as a centralised digital platform for entrepreneurs.
The report characterises the current 'Techade' as merely the opening phase of India's economic transformation, with both manufacturing and services sectors projected to expand significantly, potentially adding USD 800 billion in export value to the GDP.
This growth trajectory positions India's start-up ecosystem as a crucial catalyst in the nation's economic development strategy.
(KNN Bureau)
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