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Can Startups Give a Boost to The Indian Economy?

India needs a revival and that didn’t seem to happen until the startups came in. India needs 10 million jobs a year and data shows that it is the startups that come to the aid for creating new jobs in the country. Most of the new jobs are created by the startups. They are also the centres of innovation. Thus, with innovating new things, startups are a great way to enhance employment opportunities. They also bring in the technological enhancement they bring to the country. This leads to a value addition which in later times yields more employment opportunities. With more startups coming up India can aspire to be the world leader all the people want it to be and not only remain a cheap outsourcing destination for cheap IT services.
Startup companies are the most dynamic individual companies since they bring new competitive dynamics in the economic system. They bring competitiveness in the market. Therefore, the economy stays healthy, vital and diligent. Startup companies are vital because they do what is needed. They provide services easily and they bring innovations, jobs and provide a healthy and competitive business environment. They test different business models in order to find the best among all. They keep on trying until they find the best fit for the market. In companies, large stakeholders have a say in the policy of the company but startups are free from that burden. This makes the startups disruptive and agile. They work in dynamic and technological environment and in some time they find an alternative technological solution for the problems for they understand that technology is the future. Without technological advancement, they can do no good for themselves, the customers and the economy.

Developed nations have always looked towards as a potential market left untapped but now the bigger companies are looking for mergers with Indian startups to tap the markets because it is not possible singlehandedly now. We can proudly say that India is a home to almost 3100 startups starting per year standing just behind the US, UK, and Israel according to the NASSCOM report of 2016. If this continues the way it is, we can expect a job generation of around 2.5 lakhs in the next 5 years only from the tech startups. By 2020, we will be a home to 112 million working in the age group of 20-24 as compared to 94 million in China. This growth has also boosted the Indian economy and will continue to do so in the coming years. And this has also boosted the startup culture in India. So can startups give a boost to the Indian economy? The answer is a resounding yes. In fact, it has been continuing to do so.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.

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