At a glance: opportunities in India
“One of India’s greatest strengths is that there is no dearth of problems. There is genuine opportunity for the private sector to scale up, for people to create businesses.”
Innovation is a government priority
Prime Minister Singh declared 2010-2020 as the ‘decade of innovation’ and flagship programmes like ‘Startup India’, ‘Make in India’, ‘Digital India’, ‘Skill India’ are being implemented by current Prime Minister Modi.
Stable support system to enhance knowledge building
There has been an increased emphasis on developing knowledge through the formation of strategic partnerships, increasing tech imports, and building stronger regional and international relationships.
Increases in funding for innovation
This is true for both the public and private sector, with a huge emphasis placed on startups; year on year, startups are receiving over 100% more funding (but it should be noted there is a decline in seed funding). This combined with efforts to increase knowledge are helping to grow one of the largest startup ecosystems in the world.
An economy primed for innovation
India’s economy is currently stable, with low inflation, and a conducive environment for business.
Large, young aspirational population
With a population of 1.3 billion, India has the world’s largest young population but faces the danger of not harnessing this potential.