Startups are Transforming Jobs and Economic Paradigm
Every other piece of news you read these days has startup mentioned somewhere, which makes you wonder how exactly are startups important in context of Economy and jobs? Let’s be fair it, all comes down to jobs and Economic growth so let me surprise you here- startups have created more jobs than Big corporates.
The Nasscom report
NASSCOM has made has projected that India is becoming the breeding ground for new startups. As per the report, India is amongst the five largest startup communities of the world, and the youngest of all. The year 2015 ended with the number of startups reaching 4,200.(which is 5200+ in 2017) These startups helped create 80,000 new jobs this gives us an clear indication of where the economy is headed.
‘Don’t look for job, be the next JOBS’ this has been the motto behind India’s PM Startup Initiative. India’s image as a startup nation is gaining traction and currently boasts of having the third-largest startup base globally with an estimate of 10,500 new startups by 2020. United Nations World Employment and Social Outlook 2017 report stated that India was responsible for maximum job creation in 2016 in the Asia and Pacific region. India’s Energetic youth has been the key driving force Morgan Stanley suggests.
Survey from Randstad noted: “Of the 400 workers surveyed in India, 56 percent considered quitting their jobs to start their own business.” Just to put in perspective, this is the highest across 33 countries surveyed in. It highlighted that 83 % of Indians are wanna-be-entrepreneur minded which is 30 % more than global rate of 53%.
The Big Little Architecture
Though startups are small, they play a big role in economic growth. Infosys played the role of a Catalyst for Bangalore’s development is a well known example – the same as Google was for California. The next era is of startups that will do the same to cities we haven’t been familiar to maybe Jaipur, Pune or Surat.
95 % of all US companies are startups, providing 50 % employment, Imagine the same with startups like OLA, PayTM , OYO, Flipkart which are getting millions of funding to dive deeper in Tier II and Tier III cities to cater to more audience .In the process, jobs are surely going to be provided for the next billion. With Bright numbers like these, the future seems to promising and startups seem to be the Driving force.
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