Thiruvananthapuram, November 18 (IANS). Chief Economic Advisor (CEA) to the Government of India V. Ananth Nageswaran on Saturday said startups will play a key role in helping India achieve its ambitious growth targets and become the world’s third largest economy in a few years.
Delivering the leadership talk at Kerala Startup Mission’s (KSUM) Huddle Global 2023 on the third and final day of the programme, Nageswaran said that Tier-2 and Tier-3 cities of the country, including Thiruvananthapuram, are emerging as startup powerhouses.
Nageswaran said, “As you all know well, we are the fifth largest economy in the world, which will become the third largest economy in a few years. In fact, I would say ‘7-in-7’ is the buzzword, i.e. a $7 trillion economy in seven years. “This is possible by 2030 if India maintains its current growth path, and startup entrepreneurs are going to play a key role in that journey.”
Nageswaran said, “The active participation of startups in India in developing business models on the foundation of expanding physical and digital infrastructure will continue to generate efficiencies, revenues and economic returns for the country. The culture of entrepreneurship and innovation is an ‘epidemic’ that India would like to experience continuously.”
He said the last decade has seen an extraordinary transformation in India’s startup landscape, which has emerged as the third largest ecosystem globally, with over 1.12 lakh startups currently recognized by the Department for Promotion of Industry and Internal Trade across 763 districts. Has been given.
Many of them are unicorns, with a total valuation of about $350 billion, the CEA said.
Besides, the country also ranks second in innovation quality.
Nageswaran said, innovation in India is not limited to just a few sectors, as startups are solving problems in 56 industrial sectors, of which 13 per cent are from IT services, 9 per cent from health and life sciences, 7 per cent from education, 5 percent is from agriculture and 5 percent is from food and beverages. ,
He said, “It is important to note that 49 percent of the startups are from Tier-2 and Tier-3 cities, which has been a game-changer, as business benefits in these locations are available to entrepreneurs at lower costs than in Tier-1 cities. Enable us to work.”