Iconic structures, a historic trade route that once powered the world’s commercial arteries, and a nation that taught the world jugaad—the most crucial lesson in entrepreneurship—are all found in this region.
That may not be the best way to introduce India, the second-largest country in terms of population and the seventh-largest country in terms of area. Since the beginning of time, India’s topography has fascinated people. Vasco-de-Gama, a Portuguese sailor who undertook a problematic 132-day sea voyage, had the nation on his bucket list. In contrast to de-Gama, the country draws many VCs, entrepreneurs, and start-ups because of thriving economic growth and easy access to numerous resources.
In terms of both people’s ambitions and economic feasibility, the India start-up tale is fascinating. India’s outlook and performance are both well-balanced on the economic front.
The nation is on track to surpass many industrialised nations by 2030 and has maintained its position among the world’s fastest-growing economies. It is a destination of choice for many firms due to its stable government, easy access to money, and unmatched ease of doing business.
For instance, India is listed as one of the top five nations in the 2022 Global Entrepreneurship Monitor report to launch a firm. According to up to 82% of respondents, advantageous legislation, easy access to capital, taxes, and bureaucracy made it much too simple to launch a firm.
The second-largest populous nation in the world also makes great labour available for a reasonable price. Quality engineers and CEOs have come from the country that produced illustrious scientists like CV Raman and Aryabhata. In reality, India generates a quarter of all engineers in the globe and has a thriving BPO/ITeS sector that, at its height, contributed to 60% of all outsourcing markets worldwide. Many members of the Fortune 500’s top management were also born in India. Additionally, the nation is credited with coining the term “jugaad,” which denotes a flexible strategy for resolving challenging commercial issues.
When it comes to the number of unicorn start-ups, India sits in third place globally with 105 businesses valued at over $1 billion apiece. The nation saw an unheard-of 100 new unicorns added between 2019 and 21. According to a forecast by the investment firm Iron Pillar, the number will probably quadruple to 250 unicorns.
Government initiatives like the Pradhan Mantri Mudra Yojana (PMJY), the Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTSME), and the Credit Linked Capital Subsidy for Technology Upgrading are driving factors for startups (CLCSS). Additionally, initiatives like Make in India and Atmanirbhar Bharat should be considered as motivating VCs, as should the potential in industries like manufacturing, retail, FMCG, international commerce, and new technology. A trip to India is an easy one for startups, full of possibility and promise.