Role Of Startups In Indian Economy

Insight Bureau: Startups are the centers of innovation and are a great way to enhance employment creation in the economy. The concept of Start –up India campaign was started on 15th August 2015. Startups involve dealing with new technology which generally lies at the highest end of value addition chain. India is a home to almost 3100 startups starting per year standing just behind the US.

 

“YES, WE HAVE A MILLION PROBLEMS BUT AT THE SAME TIME, WE HAVE OVER A BILLION MINDS.”

 

These words were quoted by our  Prime Minister, Shri Narendra Modi. It was at the inauguration of the Government’s flagship campaign, “Startup India” on the 15th of August, 2015. He addressed all the people who somewhere, in the recess of their minds, aspire to kick off their entrepreneurial journey. It’s a well-known fact that India is home to around 600 million young people under the age of 30. With this huge number, it would not be feasible to solely depend upon the government and private enterprises to address employment issues. Hence, this imbalance between the job seekers and the job providers has led to the advent of “Startups” in India. Start up India Is a revolutionary scheme that has been started to help the people who wish to start their own business. These people have ideas & capabilities , so the Government will give them support to make sure they can implement their ideas and grow. Success of this scheme will eventually make India a better economy and a strong Nation.

ROLE OF STARTUPS IN BOOSTING INDIAN ECONOMY

1. ACCELERATE GDP GROWTH

Gross Domestic Product implies the market value of the goods and services produced annually in a country. India has observed a steep rise in Startup Culture in recent years. It has amplified the domestically generated revenue thereby enhancing the GDP of the country.

2.Creative ideas create more works

A startup that creates a solution easily will have more demand so every startup will try to be creative and with Everyone thinks differently so that the solutions found out by different startups for the same problem are also different and the smartest and creative ways are encouraged more and create more outsourcing to India

3.Can decrease importing

When our startups can handle the need for a product or service then we can decrease the importing of that product/service which decreases the flow of money to another country and that money flows inside the Indian market which is good for the Indian economy

4. New investments

Many multinational companies are closely watching the progress of Indian start us and they are ready to invest money that creates wealth for a start-up which helps to increase production which is good for the Indian economy.

Top  Successful Startups in India

Glimpse of the top 12 startups in India which are flying high:

1. Paytm

This startup is a payment service that helps us in paying money to each other, paying at hotels, shops, and many more places. It is quite identical to PayPal but it is not at that phase yet, it still appears to dominate all over India. In India  Paytm is  very popular and people are using it everywhere like for online recharge, DTH, metro card recharge, mobile bill payment, electricity bill, and many more.

2.Byju’s

In 2015, Indian educational technology launched a learning app named Byju’s. It has 50 million registered learners and 3.5 million paid subscription. They offer highly personalized and productive understanding programs for classes one to twelve. They will also make you ready for several competitive exams.

3.Zomato

Zomato is one of the very popular startups that has now turned into an international business. It is a food delivery business in India that has an existence in 24 countries and more than 10,000 cities all over the world. While ordering food online, everyone’s first preference is Zomato It is a well-known platform for finding out restaurants, placing food orders online, and even making reservations in cafeterias.

4.Ola Cabs

One must have traveled in an Ola cab at least once in a lifetime. Yes, it is introduced in India by the founder Bhavesh Aggarwal and co-founder Ankit Bhatti. In the year 2010, it was founded in Mumbai. Ola cabs have solved the problem of many people by making commuting easier. They don’t just give taxis offices however, they also comprise motorbikes and Auto Rickshaws at reasonable prices and offer the facility of sharing the cab. They are serving over 250 cities across India.

5. Vedantu

Vedantu is an online platform formulated in the year 2011 for live coaching. Its headquarter is in Bangalore, India. The current CEO of Vedantu is Vamsi Krishna. It aims to democratize education by building a marketplace for educators. It simplifies online classes for six to twelve standard students. They provide the best teachers from India for the better future of students.

6.OYO

OYO started as a hotel startup and now it has become the rapidly rising hotel chain in the realm. Ritesh Aggarwal is the founder of Oyo. It has operations in around 800 cities in 80 countries.

7. Big Basket

Big Basket is the leading online market in India. The organization gives a wide combination of 18,000 items and more than 1000 brands going from fresh fruits and vegetables, rice and dals, refreshments, personal care items, meats, and other daily household needs. This platform had been introduced in India when busy people were facing hardships in spending time to purchase groceries and essential home items. They give services in several cities like Bangalore, Hyderabad, Mumbai, Chennai, Pune, Delhi, Gurugram, Noida, Indore, Surat, Kolkata, and many more.

8. Nykaa

Nykaa is an online beauty and wellness application. It provides the best beauty products for women as well as for men at a very reasonable price. They deliver products directly from the brand and their products are 100% genuine and also give discounts and several offers from time to time. The brand had been primarily recognized as a sole e-commerce medium but then it started setting up different retail outlets in several metropolitan cities across the nation.

9. Lenskart

Lenskart  is one of the popular e-commerce platforms which deal with eyeglasses accessories. They have built a huge customer base as they give both online and offline services. They provide a range of services like home eye checkups, easy returns, even they give a number of offers like free delivery, free frames with glasses. They have more than 5000 styles of frames and different kinds of lenses.