Startups awash in India

IT IS raining startups in Bengaluru, India. It is estimated that over 10,000 tech and non-tech units are in the startup phase, employing over 100,000 well qualified professionals. This is also the birthplace of new skills in areas such as artificial intelligence, machine learning, data science, smart community, blockchain, Internet of Things systems, user intelligence and interface etc. According to the national software body Nasscom, eight new Indian unicorn enterprises emerged in 2018.

This surge in the Indian startup activity leads to significant unreported employment of highly skilled people - who could be co-promoters and early-stage employees not drawing a salary. There are several benign implications and some concerns. The country would see a number of new unicorns and globally successful ventures, as diligent entrepreneurs press on with their ideas. According to Nasscom, India already has the third largest number of unicorns - 18, after US and China - and ahead of other nations such as UK, Germany and Israel.

The epicentre of this is clearly in Bengaluru, even as other Indian cities jump on the bandwagon. The pool of new talent and experience in this area will swell as the ecosystem is still yet to reach a peak. The government has also played its part as it recently announced tax holidays for startups, enhancing the climate.