‘5 trillion economy by 2025’ – This was the vision laid out by PM Modi back in 2019.
Indian startups will play a huge role in getting to this milestone. Not many have talked about HOW startups will contribute.
Here’s how:
1) Jobs, wealth and innovation: Growing the economy means growing the standard of living of its people. Many startups do that as a byproduct. Imagine booking a cab before Ola, finding a house without Nobroker or investing in markets before Zerodha.
2) EVs to contribute: Oil imports are a huge cost to the country. $90 Billion was spent alone in the first half of last year. Reducing it can only be done by replacing it, which is where EVs come in. The EV segment grew a mammoth 600% last year. While it is yet to make a significant dent in the auto sector, it will play a role in reducing oil imports.
3) Increased Investments: Startups have been the source of significant FDI inflows. Foreign investments made by leading investors such as SoftBank & Sequoia have not only helped with inflows but shown that the Indian startup space is the place to be.
4) Digital Technology Will Be A Significant Driver: Having created multiple startup Saas decks, I know it will play a critical role in capitalising on the country’s growing advantages – Increased technology access, improved internet connectivity, smartphone proliferation, data, payments and much more.
While the government is immensely supporting the startup sector through means of policies, I look forward to problem-solving collaborations. Driven Indian entrepreneurs taking up government projects to create catered solutions for the people of this country!
How else do you feel startups can help in achieving the $5 Tn dollar mark?
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