January 30, 2024
1 min read

‘1.14 Lakh Startups Fuel Job Creation’

The state-owned e-commerce platform Open Network for Digital Commerce (ONDC) clocked more than 63 lakh transactions till November 2023, the document read….reports Asian Lite News

More than 1.14 lakh startups in India have created over 12 lakh jobs so far, the Finance Ministry said in its latest review of the Indian economy.

In the report titled, ‘The Indian Economy: A Review January 2024’, the Department of Economic Affairs said that the 1.14 lakh startups recognised by the government under the ‘Startup India initiative’ created more than 12 lakh jobs (as of October 2023).

The state-owned e-commerce platform Open Network for Digital Commerce (ONDC) clocked more than 63 lakh transactions till November 2023, the document read.

Despite facing global challenges in 2023 like valuation issues, few IPOs, regulatory changes and macroeconomic and geopolitical trends, India remains the third largest tech start-up ecosystem globally, with over 950 tech startups founded last year.

The cumulative funding for more than 31,000 tech start ups has exceeded $70 billion (from 2019 to 2023), according to a recent report by Nasscom in collaboration with Zinnov.

“In 2023, despite facing global economic and regulatory challenges, Indian tech startups have prioritised the imperative of enhancing their business fundamentals, driving profitability and growth,” said Debjani Ghosh, President, Nasscom.

“The proliferation of tech startups in tier 2 and 3 cities marks the ecosystem’s resilience,” she added.

Navigating 2024, tech startup founders expect to continue the revenue growth path with measured steps focusing on optimising expenditure and maximising profitability for B2B tech startups.

Investments in deeptech will continue an upward trend in 2024. With generative AI (GenAI) acceleration, 70 per cent of start-up founders are embedding artificial intelligence (AI) in their solutions.

As funding becomes scarce for the Indian startup ecosystem in general, the explosion of Artificial Intelligence (AI) has given a new lease of life to entrepreneurs and founders in the country, as the Centre extends support to the sector.

ALSO READ: India’s Investors Swap FDs for Stocks!

Previous Story

1 in 4 Firms Ban GenAI: Report

Next Story

EC announces elections for 56 RS seats in 15 states

Latest from Business

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s

Deadline Nears, India–EU Talks Heat Up

The success or failure of this round will shape how the two sides proceed, especially on difficult issues that have long blocked progress….reports Asian Lite News India and the European Union on
Go toTop

Don't Miss

KEF Unveils Tulah

Kef Holdings launches Rs 800 crore Clinical Wellness Resort in

BJD releases first list of candidates for Lok Sabha, Assembly seats

BJD General Secretary Pranab Prakash Das has been pitted against