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How Indian Startups are Boosting the Indian Economy?

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  • Post category:Business

Start-ups are the companies which are in the initial stages of operation or business and these are commenced by entrepreneurs. Start-ups stands as the backbone of the developing countries and for a growing country like India, it provides as a medium of infinite opportunities for everyone. In the recent times, start-ups are shaping the new lifestyle of the people as it not only bring innovation but also contribute in the increase of the GDP of the country. For the entrepreneurs, it has proven to be a game changer and a source of creation of wealth. For the unemployed, it has become a ray of hope in their lives as Indian start-ups have created more jobs in comparison to big enterprises. As per the facts are concerned, today India is the third largest start-up ecosystem globally (by number of start-ups) with more than 15,000 start-ups established in 2020, up from 5000 in 2010. And not just this, Indian start-ups had received $14.5 billion funding.

In the pandemic times also, some start-ups have managed to be successful and make a remark in the economy. Some of the most successful start-ups like Paytm, Byju’s, Nykaa, Dream11 have changed the scenarios of the Indian start-ups. Paytm, being one of the most successful start-ups, have made an effort in making the people of India more technologically advanced. It brought the phase of cashless transaction which are much easier to do. Furthermore, the Byju’s start-up has become the world’s biggest Ed-tech company in the Covid-19 pandemic. This start-up brought a massive inclination towards online education and has over 10crore students who are learning from the app. All the successful start-ups and the small scale start-ups brought great advancement to the Indian economy. Nearly, 5.7 lakhs jobs are created by start-ups in India which has brought a massive change in unemployment area. The field of start-up is given more recognition as government has launched many schemes like the Start-up India Initiative, Samridh scheme, Startup India Seed Fund and many more. Through the Indian start-ups, government aims at making India a self-sufficient country in all the domains like medical, technology, education etc. All the start-ups brings enormous benefits and positive changes in the Indian economy and it has proven to be a rising industry with great amount of potential.