World Entrepreneur Day: India's Trailblazing Approach Toward Global Supremacy In a country brimming with innovation and high ambition, where jobs are termed as the de-facto standard for a stable life, entrepreneurs in India have shown time and again that with the right idea and the required grind, anything is possible.
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In a country brimming with innovation and high ambition, where jobs are termed as the de-facto standard for a stable life, entrepreneurs in India have shown time and again that with the right idea and the required grind, anything is possible.
Today, 21 of August marks the celebration of spirit and the humans behind the next big idea. The 'World Entrepreneur Day' serves as a powerful reminder of the immense potential within the bustling cities we call home. As we progress to an age of the internet reaching the furthest depths of our country, entrepreneurial successes are coming from nooks and corners, regardless of gender, cast, and creed, transforming opportunities into benchmarks on the global stage.
"As these entrepreneurial trailblazers rise and thrive, they embody the essence of progress and transformation, demonstrating that with passion and perseverance, India's potential is limitless," said Ankit Agrawal, CEO and Co-Founder, of InsuranceDekho.
Near-Perfect Conditions In India
India is home to the third-largest startup ecosystem in the world with over 100,00 registered startups and over 100 unicorns. Bengaluru's appeal as the tech hub, Mumbai's financial prowess, and Delhi NCR's capital status have led the race with tier-3 cities such as Bhubaneswar, Chandigarh, and Mysuru following suit.
According to Rishabh Goel, Co-founder & CEO, Credgenics, a recovery and technology-enabled collections platform, the number of recognised startups in India has risen to 1,40,803 as of 30th June 2024.
"This has been possible due to a variety of factors including robust support and diverse initiatives by the Government of India, the nation's rich demographic diversity, high risk-taking ability, wider ecosystem enablement, and the relentless focus on providing innovative solutions," said Rishabh Goel.
A conducive ecosystem has also played its part in turning the country into an entrepreneurial powerhouse. Government-backed initiatives such as Startup India, Atal Innovation Mission, and the Fund of Funds for Startups (FFS) of INR 10,000 crores that provide Alternative Investment Funds (AIFs) have greatly increased accessibility for funds.
Sumegh Bhatia, Managing Director & CEO, Lighthouse Canton India, a global investment institution opined that the most exciting part about entrepreneurship is its potential to bring about real change and shape the future.
"India's diverse population and evolving market needs provide great opportunities for innovative solutions. Recent regulatory reforms have also improved the business environment, making it easier for Indian startups to grow and compete globally," said Sumegh Bhatia.
Startups in India have been excellent job creators and a great contributor to the Indian economy. According to the Ministry of Commerce and Industry, startups supported by the Department for Promotion of Industry and Internal Trade (DPIIT) alone have generated over 9 lakh jobs as of June 2023.
Zepto, part of the Indian quick-commerce value chain has recently been in the news for its quick rise within the industry. Kaivalya Vohra, Co-founder of Zepto said that entrepreneurship is at the core of everything they do, from innovating delivery systems to customizing offerings per consumer's demand.
"Looking forward to building a stronger environment for entrepreneurship that's faster, smarter, and more inclusive," said Kaivalya.
Data also backs the fact that the contribution of such startups to India's GDP is also noteworthy, with estimates suggesting that startups contribute approximately 3–4 per cent to the country's GDP.
Fintech in recent years has played a major part in securing financial inclusion for millions of citizens and Namit Jain, Founder & CEO of rupyy thinks that these bold, game-changing ideas and innovations are reshaping the industry and establishing India as one of the fastest-growing fintech hubs worldwide.
Namit Jain added, "The fintech space is the prime example of this revolution. Over the past decade, industry pioneers have flipped the script on how financial services work, making these services more accessible, efficient, and inclusive. They've bridged the critical gaps, brought essential services to the underserved areas, and seamlessly woven technology into our daily transactions."
Jitendra Patil, Managing Director of the Pune-based energy-tech startup ARENQ opines that innovation is the key to we can unlock new opportunities, empowering communities, and protecting our planet.
"Fostering a culture of entrepreneurship, collaboration, and inclusive growth can shape a brighter, more sustainable future and create a better world for generations to come," exuded Jitendra.
