Asia Sentinel
Flourishing sector provides bright spot in virus-crippled economy
Mar 3
By: Neeta Lal
Indian Prime Minister Narendra Modi’s much-criticized Make in India program, which has had desultory success, appears to be gaining traction in India’s startup ecosystem, with new avenues of growth and opportunities emerging with rapid digitalization and tech adoption providing the tailwind.
At 12,500, India has the third-largest number of startups in the world after the US and China. These enterprises’ impressive growth and the future potential of the country’s startup ventures merit focused attention in a brutally competitive economic climate worsened by the pandemic, say experts. According to the National Association of Software and Services Companies, startups received US$11.5 billion in new funding across 924 transactions, a 14 percent surge since 2019. Overall, 1,600 tech start-ups and 12 unicorns, the highest added in a single calendar year, debuted last year whil
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