How Startups Drive the Indian Economy's Growth

How Startups Drive the Indian Economy’s Growth

Startups, small businesses are redefining the Indian Economy. There are lots of factors which made it be so. Entrepreneurship culture in India is increasing day by day which impacts the economy dramatically.

Things that a Startup empowers:

The Startup word is largely framed as “Entrepreneurship”. In the past few years if we watch carefully then we will found that India is a breeding ground for a lot of small startups. The plus point at the same time slightly negative point is the huge population of India. So the contributions of a startup in a nation’s economy are :

1. Scope to be financially independent:

a successful startup can make you financially independent

Well if you are a person with creative & unique ideas and have the guts to take risks then you will maybe the next entrepreneur with a company that helps and grows with the people. Which not only makes you financially independent but also for the people you work with. That will definitely create a cash flow in the economy.

2. Your idea will create more jobs:

Your idea will create more jobs

Rather than blaming the government, people with ideas can reach out to more people with same thoughts and people with wealth can empower them, sponser them, which will create more jobs in the economy than the government offers.

3. Multiple revenue streams:

Multiple revenue streams

A startup is more about innovation which never rely on a static source of income. The innovation may leads to uncommon sources of income that broads the way to make contribution in a nations’s GDP.

Some Examples of businesses which were a start up in some point:

  • Instamojo: a Bangalore-based digital payment gateway and e-commerce store company founded in 2012 | They are a team of 111 people
  • Testbook: a Bombay-based company to help students crack Government and Public sector exams, founded in 2014 | Company size of 201 – 500 people
  • The Moms Co.: a New Delhi based company, a Digital-first FMCG company on a mission to help Moms make Safe, Natural, Effective choices, founded in 2016 | Company size of 11 – 50 people
  • Niki: a Bangalore based company focused on artificial intelligence that helps you access services online, founded in 2015 | Company size of 51 – 200 people
  • Groww: an India-based online investment platform that targets first-time investors and millennials, founded in 2016 | Company size of 201 – 500 people
  • Nykaa: a Mumbai-based company, India’s premier online destination for beauty & wellness, founded in 2012 | Company size of 201 – 500 people

There are lots more like AddressHealth, Paytm, Zomato, FreshToHome, Cure.Fit, Razorpay, Instavans, 1Mg, Cars24, Mfine, Toppr, Urban Ladder, PoPxo, Xpressbees, and so on… There are 50,000+ startups till date and from them, 8 Indian startups become unicorns with a valuation of over $1 billion. There are lots and lots of potential in the youngsters to make the list bigger and bigger.

## Talking about a startup, termed as “Violettech” founded by some of my friends:

It is a team of people from different areas like the Front end, Back end, Marketing, App Developers, united to help people from different fields to create a better position of themselves in their particular fields. Basically, Violettech gets projects from clients all around the world, and then their team will be divided to do a certain job regarding that project and then complete every need within a certain period of time.

Violettech is owned by Pushkar Poonia.

Violettech technologies is helping people from diffrent fields to create a better position of themselves in their particular fields.
Image Credit: Violettech

The factors I like about Violettech and hope will be a successful startup are:

  • They have started from scratch from building their own website to choosing team members from different areas, Thing is that they know personally everyone in their team, whom they were in their 1st year of college and will be in the future also.
  • Secondly, they all are students, and building a startup is ownself a risk. But they have nothing to lose they are with one vision to help others.
  • Thirdly the idea of choosing this type of startup, we all know that online presence is more important in the future to sell products, to make a brand, even to sell groceries or everything else. So Violettech is focused to build someone’s online presence that will help them to reach people out and make their businesses bigger.
  • The factors that I think will make them grow from the crowd, like engaging youngsters by different types of coding competitions, currently, they are associated with Codechef and hosting a coding competition on 27th of December named as “CodeStar2020“.
CodeStar2020  coding competitions to encourage you, polish your skills and make you an expert in the field of coding. violettech
Poster Credit: Violettech

* Disclaimer: This is not a paid promotion I like their views so that I shared

Conclusion:

Startups do support the Economy to grow, hope every startup with unique ideas will grow and make a significant impact in the Society. Well there are startups which are well funded and still not grow or reach at the highest potential, but there is a say by Mark Zuckerberg

The biggest risk is not taking any risk

– Mark Zuckerberg

Thanks for reading.

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