Creating one of the largest tech ecosystems in the nation, more than $11 billion was earned by Indian startups like Growfit in 2019. Since it was humble only a decade ago when the capital was still relatively new to invest in tech, there has been a lot of change, and India has advanced much better with its startup and tech scene. Over the next five years, the Indian tech industry would draw $21 trillion over investment and generate 550,000 direct jobs, and 1,400,000 indirect jobs were also reported from the US-India Strategic and Partnership Framework (USISPF).
India’s aid to boost homegrown innovation
A simplified corporate arrangement, tax benefits, INR 10,000 crore fund, and financial support for incubators, including some measures before COVID-19, have been included. Before the present situation, these investments seemed to have been made possible by economic success. Startups comprised 2.64% of the overall employment generated in India, with 200000-250,000 being produced by the end of last year. And 18,000-plus startups were accredited by the Department for promotion of industry and Internal Trade until May last year.
Adaptability To the Changing Market
Fintech, edtech, and health tech have become some of the new verticals in India, though e-commerce and aggregators have matured, according to the Startup India website. Nonetheless, the supply chain was augmented by foreign direct investment and produced home-built technologies added to the global tech ecosystem.
These emerging verticals need to continue for a post-coronavirus world. Several, particularly fintech, edtech, health-tech, ecommerce like Sheroes, and agritech, are highly likely to be in global demand because most of the world already operates globally, and many companies and personal business transactions are underway.
Educate and retain talent
To ensure that current talent, there also needs to be an attraction. One third mentioned a career in entrepreneurship in a recent survey of young people in India. But it should be noted that India is still closing a void in skills in terms of technical progress. India has many potentials to drive its startup and software companies even more, given the current circumstance. A diverse economy that encourages innovation and talent is the right way to future economic growth in many countries, including India.
Despite being ranked as top 10 in science and engineering, less than 4% have the technical, cognitive, and language skills required for technological and logistics startups like Papers N Parcels under a recent employability report on engineers. In particular, AI is now proving to be in demand all over the world, as it is being used by many governments, such as Singapore and China, to help contain and control COVID-19.
India has plenty of opportunities to further accelerate its startup and technology economies, despite the current situation. India includes a diversified economy, which encourages innovation and talent.