India presents a burgeoning landscape for startups and entrepreneurs, yet it's important to acknowledge that certain formidable challenges can be daunting for new businesses.
Overcoming these challenges is crucial for entrepreneurs and startups to scale and thrive. As you embark on your entrepreneurial journey, be prepared to confront both obstacles and opportunities that will inevitably cross your path.
The Entrepreneurship Cell-E-CELL organized a two-day national-level E-Summit at the IIT Bombay campus. During this occasion, several eminent personalities from various industries and organizations shared their knowledge on different areas coupled with entrepreneurship.
Here, CEO of Niti Aayog, Amitabh Kant, spoke on key challenges and opportunities for Indian startups and upcoming businesses. Based on the shared knowledge by Amitabh Kant, we have compiled a few points below which differentiate India from other countries.
According to Kant, "The Indian government is helping startups and entrepreneurs by scrapping old rules presented there for more than 60 years." A set of new guidelines and policies is launched by the present government to promote innovative activities in India.
'The Startup India' is a flagship program intended to reduce the rules and regulations burden on Startups. In the case of taxes, exemptions are given all along, easing compliance and reducing regulations. Startup India Hub is a single point of contact for providing help to new businesses.
Through this platform, startups can register a business by just filling up a short form from a single point of contact online or through the mobile app. Furthermore, there has been a reduction in the number of registration forms required for startups, with the count now standing at just three.
Globalization and entrepreneurship can go hand in hand! Globalization facilitates technological innovations that help entrepreneurs ensure growth through easy processes. Kant said, "Globalization is the key to success, and for that, it is important to dream big."
Entrepreneurs will grow automatically if they continue to extend globally. So, it means for entrepreneurs to become part of the global world is very important.
Entrepreneurs can leverage maximum benefits from the competition! Healthy competition helps to grow creatively along with the development of new skills. Kant believes that competition within states will increase the number of startups as it supports talent and increases investments in the startup system.
It will also come up with various solutions for water management and the modernization of agriculture. There is a huge community of investors that offer support to businesses that want to grow in a competitive atmosphere.
In contrast to Western countries, India boasts a demographic where over 72 per cent of the population is under the age of 32. This demographic advantage makes India a particularly promising environment for individuals with entrepreneurial aspirations.
But Kant pointed out, India needs to grow at a rate of 8-9 per cent by filling the gender gap. Here women contribute only 17 per cent to the total GDP, while globally, women's contribution is 30 per cent and this gap is huge.
India is evolving into a hub for innovation, with cities like Bangalore, Hyderabad, and others at the forefront. These cities are recognized as prominent innovation centres, boasting well-established infrastructures that foster and facilitate innovations.
Furthermore, numerous large corporations and multinational companies have strategically set up operations in these cities to leverage cost-effective innovations.
Consequently, these innovation hubs have created fresh opportunities for graduates from prestigious institutions like IITs, offering them a supportive environment to transform their innovative ideas into viable businesses.
India confronts an array of challenges, encompassing issues such as population growth, poverty, sewage management, water scarcity, and excessive plastic usage. These challenges demand innovative solutions. Amitabh Kant highlighted the paradox that while Silicon Valley experiences fewer issues, it is also home to a disproportionately high number of innovations.
In contrast, India grapples with a multitude of problems and has a limited number of solutions, which presents a fertile ground for businesses with innovative concepts. Additionally, urbanization is emerging as a significant challenge, sparking interest from foreign investors in innovative ideas related to electric vehicles and climate change adaptation, among others.
The future of India lies in a strong startup ecosystem. Studies indicate that the Startup India movement has energized startups and entrepreneurs. India will have 100,000 startups by 2022-23, which will create new job opportunities through their startup ventures.