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India’s startup ecosystem has been crucial in its economic resurgence, especially after our GDP is estimated to reduce by a record 7.7 percent during 2020-21 fiscal.
We are the third-largest startup ecosystem after the US and China to have churned out a staggering number of unicorns in the last few years. A greater focus to support and augment this momentum among the startups by the government will be crucial during 2021 budget allocation.
Emerging technologies such as blockchain, artificial intelligence, machine learning, etc will be the beacon that lights this path of progress and boosts the Indian government’s focus on a self-reliant economy. Increased prioritization of growth opportunities and incentives for indigenous, homegrown brands focussing on these technologies will greatly boost the growth momentum.
The pandemic has driven the global companies to shift their perspectives and consider India as a lucrative alternative to China in terms of technology and manufacturing.
By incentivizing cutting-edge technologies in the emerging sectors along with economical relaxations and aids in terms of taxes, investments and working capital will greatly aid in strengthening the startup ecosystem in India and truly encourage an Atmanirbhar Bharat.