The survey said e-commerce in India is expected to grow at 21.4 per cent in 2015-16 to reach USD 17 billion.

"India home to a new breed of young startups has clearly evolved to become the third largest base of technology start ups in the world. Within one year, the number of startups have grown by 40 per cent, creating 80,000-85,000 jobs in 2015. This emerging sector is set to get up a fillip with the Startup India programme," it said.

Startup India is the flagship initiative of the Indian government to build a strong ecosystem for nurturing innovation, driving sustainable economic growth and generating large-scale employment opportunities.

Apart from technology, the startup movement is being extended to an array of sectors including agriculture, manufacturing, healthcare and education.

"Startup India will turn Indian youths from job seekers into job creators. It will encourage entrepreneurship, innovation and creation of revolutionary new products in India, that will be used by people around the world," the Survey said.

Read Also:

How Startups Are Bringing Science Fiction Down To Earth

Govt Notifies Uniform Norms for Startups