India has emerged as the world’s third largest “hotspot” for new tech businesses beating its neighbour China, thanks to ‘Startup India’ initiative of Prime Minister Narendra Modi.
An article on World Economic Forum’s website quotes a report by NASSCOM and Zinnov, according to which the list of top five such countries is led by the US, followed by the UK, India, China and Israel.
“India is in the midst of a start-up boom. Supported by a range of government initiatives, new companies are popping up all over the country,” the report said.
700 tech-driven startups were set up in 2013 following the “10,000 Startups programme” launched by NASSCOM.
Interestingly, Indian startups are not only catering to the domestic markets but also going global.
By the end of 2015, the numbers of startups increased by 70 per cent to around 1200. It is expected there would be 75 per cent increase in the number of startups up to 2100 by 2020.
In 2016, India’s Flipkart was placed ninth on the global startup list.
