Financial Investors Group
Startups: Backbone of Indian economy
07 Aug 2021
The startup ecosystem in India has been oozing positivity in our Nation by being the important engine for growth and job generation.. and due to vast commercial potential for startups, India is often described as the poster child of emerging markets.
Five years since the launch of the Start-Up India initiative by Prime Minister Narendra Modi, India is witnessing a golden chapter in the history of Indian entrepreneurship. Widely recognised as the 3rd largest startup ecosystem; as of July 2021, a total of 52,391 entities are officially recognised as startups by Department for Promotion of Industry and Internal Trade (DPIIT)
Further, there are 53 unicorns currently in India, with a tentative valuation of Rs. 1.4 lakh crore. Apart from it, India’s economy, demography, and government’s active support provides a wide scope for establishing a thriving startup environment.