The Indian prime minister Narendra Modi recently announced ‘The Start-Up India, Stand Up India’ initiative. Well, the project is now expected to be launched soon, as per the statement passed by the senior official of Indian government given on this Wednesday.
Amitabh Kant Secretary of Department of Industrial Policy and Promotion (DIPP) interacting with local media in Delhi said “various government departments are working together to neutralize the compliance procedures, so that business becomes comparatively easier for start-ups without indulging into run around for regulatory clearances”.
National Association of Software and Services Companies (Nasscom) in a report released on Tuesday mentioned that Indian Start-Ups are on fire, these reports suggested that these firms are on target to achieve Rs. 32,558 crore (nearly USD 5 Billion) by the end of this year, which is a substantial growth of 125% against figures of 2014 calculated to USD2.2.
With this growth India has emerged as third largest start-up market globally after US and Britain, which has registered 40% growth during 2014. Now India has replaced Israel from the third position.
Chandrashekhar President of Nasscom quoted on the report that “technology start-ups of India has seen phenomenal growth during this year, where the country moved to third position in terms of investments secured from private equity, venture capitalists and angel investors and number of start-ups”.
Chandrashekar further added that “India is world’s youngest start-up nation, as nearly 72% of their founders are from the age group less than 35 years, in addition to this share of female entrepreneurs has bounced to 50% in the current year and 9% of start-ups are founded by Women as a co-founder”.
The report – “Start-up India-Momentous Rise of Indian Start-up Ecosystem” in its second edition prepared by the Nasscom with help of Bengaluru based business management consultant Zinnov, suggested that in year 2015 so far 1200 start-ups has been formed, among them a major share is of Business to Consumer (B2C) type with a leg on each side of e-commerce, consumer services and aggregators.
Around 93% of the investment is accounted to Mumbai, Bengaluru and North Central Region (NCR) and nearly 66% of the start-ups are located in these three metro cities. Cities like Ahmadabad, Chennai, Hyderabad, Jaipur and Pune are emerging fats on the map of start-up market.