Startups to be the real booster of Indian economy in future
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Startups to be the real booster of Indian economy in future

By Anonya Roy, SiliconIndia
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Bangalore: There was a time when India was known to the outside world for its ability to provide enormous labor at relatively low prices, prompting the global companies to outsource their work to India. This made India the outsourcing capital of the world. But sadly, the country has achieved little in the sphere of product development. However, all hope is not lost, thanks to the growing number of startup companies that the country is witnessing.

The country has a majority of youth in its population, which means the workforce will enjoy the benefit of age. The enthusiasm of the youth is best felt in the college campuses. The students are on the brink of starting their careers and are beaming with energy to do something new and great. Sharad Sharma, Chairperson, Organizing Committee, NASSCOM Product Conclave shares that people are embracing entrepreneurship, particularly the gen-next. This means there will be many more new companies in the years to come.

Terming his thoughts on the future of startups in India as 'cautiously optimistic', Sharma further pinned his hopes on these companies when he said, "I believe the Indian economy will double in the next nine years, and a major contributor to this economic growth will be made by the startups."

Earlier the companies that were engaged in product development did not taste much success as selling the products was a difficult task. Now with Software as a Service (SaaS), it has become easier to market products.

Also platforms like the NASSCOM Product Conclave greatly leverage the cause of the startups. The Conclave brings various CIOs, SIs and startups to one common platform, thereby allowing greater interaction and discussion among them. Sharma informed that for the first time the Conclave brings to desk central and state government funding for the startups.

To help the startups, NASSCOM has started the 'Emerge Blog' which provides for electronic communication between the startups and allows for person to person communication. It already has 3500 members to its credit. NASSCOM also brings the product startups and the CIO Association of India to meet periodically and discuss the trends in the industry.

The country looks poised to witness the new wave in product development courtesy the growth of startups, leveraged by platforms like NASSCOM, CIOs and SIs.

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