Are India's young founders redefining the rules of startup success?

Abstract

The Indian economy needs job creators, for which multiple initiatives have been introduced by the Government to give a push to entrepreneurship and innovation. The policy initiatives on multiple fronts have resulted in building a vibrant startup ecosystem over years. More than 117 startups have become unicorns, out of a total number of 4.15 Lakh (0.75 Lakh women led) startups, growing at 12–15 percent per annum, having provided employment to around 17.28 Lakh persons. This could happen with an improvement in the Global Innovation Index (GII) from 81st in 2015 to 39th in 2024, a leap of 42 spots, demonstrating substantial progress in the innovation ecosystem and a jump in Ease of Doing Business from 142nd in 2014 to 63rd in 2020, reflecting efforts to simplify regulations and promote a business-friendly environment.