Currently, India’s whopping $2.6 trillion economy stands at 6th position in the world. It is already at the halfway point of the target set by Govt of India $5 Trillion by the Year 2025. And on the top startup nations of the world, India is at 3rd position with more than 7000 startups in India. This strong environment of startups in India has a big part in achieving this $5 Trillion Economy mark.
Even though we have reached this halfway mark. There is still a long journey ahead of us and thus business professionals should find different methods. In which these startups can support in achieving a $5 trillion economy target.
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Foreign Investment
Thanks to the massive amount of investments from big names like Goldman Sachs, Softbank, JP Morgan etc. These Indian startups have boosted our economy to a greater length.
Indian economy had quite a lot of capacity because of its various untouched markets. Due to which it causes the pouring of funds from a developed nation to our economy. Hence our startups which are getting a lot of foreign investments can help govt. in achieving this massive figure of $5 trillion by 2025.
These foreign investments come handy in cases where startups are failing in groundwork, superiority. These investments can push them to reach their peak. They can even help in expanding their R&D and technological advancements through their heavy investments.
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Rate of Capital Formation
Reaching our end target is quite tough at our current GDP. To reach this $5 trillion mark,
It has to advance at a growth rate of above 10.5% compounded annually. How can we
Increase the Speed of Growth?
This can be done in an easier manner if we can increase our economic liveliness and investing our savings for increasing much-needed cash formation thereby increasing its rate. Various Commercial systems can come into play in increasing needed cash supply and investments.
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Electric-Vehicle Startups
Electric Vehicles are the next generation of technology and are the future of the world. These types of startups assist our economy indirectly as they can lead to the birth of rewarding world-dominating products.
The rising demand for EVs in the Indian and global markets is anticipated to grow exponentially. In the coming years and the extensive research ongoing by such Indian startups will help in producing this technology for mass production. Which, in turn, will represent a major part of the growth of the Indian economy.
Setting Free the Potential of Digital Automation
Our Govt. is working on the motto of ‘going digital’ since the past years. Digital Automation single-handedly can set free further economic value in India to a cap of at least $1 Trillion by 2025. The Indian startup environment is the lead artist in taking India to a world of digital automation. It Will plays a vital role in putting the motto into practicality and reality. Cheap and economical internet and the current generation of smartphones are the key factors in shaping up India’s Digital Environment.
India is greatly advancing at their root and ground level, this perk can only be efficiently used by advancing industries. India is more data-rich than literally being rich. Using the power of digitalization, internet, and next-gen technology, these startups will become the core around which our country will pave its path for the $5 trillion targets.
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For the economic growth of the country, our government will have to connect with the big companies, shareholders and different types of investors in different ways in the market. They are the essential key factors in achieving our dream target of $5 trillion earliest by 2025.
Job Creation and Revenue Production
Be its leading-edge innovation, Job Creation or Revenue Production, Startups do it all, they are an irreplaceable entity on which India can count on. Indian Startups have huge capacity for generating and creating jobs in various sectors. As per the latest research report on Indian startups by TIE and Zinnov, food and food-based industries alone will create 9 million jobs by 2024. For the travel and hospitality industries, this number will go up to 52.3 million jobs by 2028.
The continual evolution in the standards of living, job creation especially in the manual labor working class will have a good effect on the Indian economy. Adding to it, investments in professional learning and skill development will help in creating more and more jobs which in turn will increase the utilization and thereby increasing revenue production, which overall will skyrocket the standard of living in India.
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