A Study on the Status of Startup India and Its Impact on Employment

Abstract

With a population of 1.4757 billion, India has become the most populous country in the world, with youth accounting for 28.29% of the total population. Driven by this youth demographic, India has secured the third-highest growth rate among the world's major economies over the past five years. Today, millions of young people are heralding India's prosperity through new startups and unicorns. The 'Startup India' initiative is giving wings to the aspirations of the youth; with over 243,000 startups and more than 120 unicorn companies, it has become a beacon of hope for young entrepreneurs. Fueled by innovative ideas and enthusiasm, these young people possess the drive to achieve great things; through entrepreneurship, they are strengthening the foundations of physical and digital infrastructure and developing business models that generate efficient revenue and economic gains for the nation. According to a recent International Monetary Fund (IMF) report, India is projected to become the world's third-largest economy by 2027, with a GDP of $5.4 trillion. Currently, India stands as the fifth-largest economy globally, with a GDP of $3.8 trillion.