India’s startup ecosystem has been a key driver of economic growth, innovation, and job creation over the past few years. According to a recent report by the Confederation of Indian Industry (CII) titled ‘Unicorn 2.0: Adding the next trillion’, India’s startup ecosystem is likely to add $1 trillion to the Indian economy by 2030.
“This already impactful unicorn and startup ecosystem (what we call “Unicorn 1.0”), presents the opportunity to shape “Unicorn2.0”, an ecosystem that could potentially add the next $1 trillion to India’s economy by 2030,” the report said.
The report also added that between 2016 and today, the country’s 100-plus unicorns and approximately 1,00,000 startups have significantly contributed to GDP growth. “Between 2016 and today, India’s 100-plus unicorns and around 100,000 startups have driven economic growth by contributing 10 to 15 percent to GDP growth, advanced inclusivity with rapid digitization in rural–urban areas, and generated 20 to 25 percent of all new employment. They have also democratized consumption through broader access to products and services.”
It also outlines the journey of India’s startup ecosystem so far and envisions a landscape ready to cultivate resilient, globally leading enterprises that sustain growth and competitiveness.
Drawing insights from conversations with over 30 industry leaders, the report proposes initiatives across five key themes to realize this vision: opening up domestic funding, re-wired governance, what an enabling regulatory environment could look like, a widespread culture of innovation, and the nurturing of talent for employability.
These potential interventions could accelerate the industry’s pursuit of Unicorn 2.0, building a resilient and impactful startup ecosystem that drives transformative growth for the country.
