siliconindia | | JULY 20238Over the last few decades, startups and entrepreneurship have grown rapidly and evolved. The Ministry of Commerce and Industry stated that over 1300 tech startups were added in India and 65000 startups within March 2022. The government has been taking improved initiative to promote the startup culture in India to strengthen the economy and undertake measures to support businesses with schemes. The development and evolution of entrepreneurship/startups in India is recently escalating to lead the economy. Many young graduates prefer to start their own business, instead of seeking a job. The endeavor does not simply concern success of other companies or entrepreneurs; it entails many factors that support this industry being a vital partner. Starting new startups venture in India is a good idea because of the various government schemes to support the new business. The government financially supports startups by providing funds and offering loans with the incentive tax by valuing their idea for starting their business.In India, various factors contributed to the success of the startups such as government initiative schemes, a supportive ecosystem, a surplus amount of talent, a huge population, a growing economy, and, digital infrastructure. Interestingly, this industry is steadily growing, and it has been noted that it accounted 5.3 percent in 2020 and increased to 14.4 percent in 2021, according to a GEM report in India. What is the future of startups in India?India is a land of diversity with people belonging to significant background & cultures, and thereby it is poised as the hub of startups. The Indian environment has also started to adapt and reportedly holds third place in the startup system. Considering the growing market, technological advancement, infrastructure, and support systems these are the major factors that drive the startups in India. Over the past decade, the growth of startups was well experienced in India with over 50000 startup companies and 150 unicorns. In the forthcoming period, India seeks to achieve a market value of 5 trillion dollars by 2024 which will contribute to economic development. Additionally, startup businesses can create jobs, drive advancement and promote entrepreneurship.EDITORIAL EXCLUSIVETHE EXTENSIVE GUIDE TO LAUNCHING A NEW VENTURE IN INDIAsiliconindia | | JULY 20238
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