The economic growth in the country slowed down to an estimated 5.0 percent for this fiscal year that ended March, the slowest rate in the decade. But this has not stopped many young professionals from trying out their new businesses.

Sampad Swain, founder of ‘Instamojo’ (affirm that sells digital downloads) says, “More companies are coming up and not that much… money is being put in.”

But too much of caution could prevent investors from getting the right firms. An example to ponder over is Nischal Shetty’s twitter application ‘justunfollow’ which has more than three million registered users and 10,000 paid customers. When this was set up three years ago, Shetty generated revenue since day one though there was a lack of interest from external investors.

An incubator called ‘Startup village’ in Kochi city is working on shaping young engineers aiming to launch 1000 Internet and mobile firms in 10 years.

According to Nasscom, startups are a ‘critical pillar’ of the industry. Last month they launched ’10,000 startups’ – a programme to shortlist and help fund as many ventures in the next 10 years.

Nascomm President Som Mittal emphasizes on more efforts to be put in, in order to create better startup environment.

Read: Entrepreneurship - 'The Universal Religion'

Also read: Modi Enhances Women Entrepreneurship in Gujarat