1.14 Lakh Startups Generate Over 12 Lakh Jobs in India

Politics Politics of India

Posted by pallavi on 2024-06-18 10:59:03 |

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In a significant boost to the Indian economy, over 1.14 lakh startups have created more than 12 lakh jobs, according to the Finance Ministry's latest economic review. Despite global challenges in 2023, such as valuation issues, a limited number of IPOs, regulatory changes, and macroeconomic trends, India has retained its position as the third-largest tech startup ecosystem globally.

Key Highlights:

Startup Growth: More than 950 tech startups were established last year, contributing to India's robust startup ecosystem.

Funding Success: Over 31,000 tech startups have received cumulative funding exceeding $70 billion from 2019 to 2023, as per a report by Nasscom and Zinnov.

Government Initiatives: Recognized under the 'Startup India initiative', these startups have significantly boosted employment and innovation across the country.

ONDC Transactions: The state-owned Open Network for Digital Commerce (ONDC) recorded over 63 lakh transactions by November 2023, showcasing the expanding digital commerce landscape in India.

Future Outlook: As startups navigate 2024, they are expected to focus on optimizing expenditure, maximizing profitability, and investing in deeptech and AI, with generative AI gaining momentum.

Despite economic and regulatory hurdles, the resilience of India's startup ecosystem continues to drive job creation and technological advancements, setting a positive trajectory for the future.

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