Wednesday, November 6, 2019

Startups to Create 50 Lakh Jobs by 2025: Nasscom Product Conclave

The Indian startup ecosystem is expected to create around 50 lakh jobs by 2025 directly and indirectly, the National Association of Software and Services Companies (Nasscom) has said in a report released on November 5, 2019.

Speaking to the media, Nasscom president Debjani Ghosh said by 2025, the ecosystem will create 11 lakh direct jobs and 39 lakh indirect jobs.

The report, Indian Startup Ecosystem, says that startups created 60,000 direct and 1.3-1.8 lakh jobs in 2019 compared to 40,000 direct jobs in 2018.

Total funding for 2019 stood at $4.4 billion compared to $4.2 billion the previous year.

The number of tech startups has gone up from 7,700-8,200 in 2018 to 8,900-9,300 in 2019. Of these, 28 percent are deep tech startups.

The unicorn club, too, has expanded, from 17 in 2018 to 24 in 2019 and a few more were likely to join in by the year-end.

More corporates are showing interest in the sector. As many as 80 corporate investors bet on the sector, a 10 percent increase over 2018.

Ghosh identified access to markets and funds as the biggest challenges, saying “The government has a critical role to play here”. #NPC2019

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