Since its independence, India has taken a giant leap from being an underdeveloped country to a developing one that has set itself up to become a land of endless opportunities.
While the journey of India began with poverty, the country steadied the ship and paved the way for many opportunities related to businesses and jobs. As the journey progressed, reforms like liberalisation, globalisation and privatisation significantly accelerated the country’s growth. 75 years later, India is now a dynamic land of opportunity and potential. The three main pillars for this development are economic, social and political freedom which is in the hands of the citizens of the country.
Why is India Turning a Tide?
On the back of consistent economic growth and development of strong sectors such as technology and services for the world, India is poised to leverage the country’s immensely young population, making for a very productive demography. On the other hand, one of the key challenges that developed economies such as Japan or the USA face is their ageing population and saturated markets, forcing investors to look at emerging markets such as India.
Moreover, there have been several notable developments in India that have helped the country shape a bright future for its 1.5 billion citizens:
1. Since 2001, the literacy rate has increased from 47% to 74%. This increase in literacy rates will propel India’s young generation to pursue education, helping the nation have a skilled workforce at its disposal.
2. Another factor that is rapidly changing the Indian story is the penetration of technology across the nation. Owing to cheaper data rates and the increased availability of smartphones, India is witnessing an unprecedented surge in internet connections, even in rural areas. As the country becomes increasingly connected to the world, it is catalysing innovation and is helping Indians make the most of technology to work alongside the world.
3. Infrastructure: With greater focus on enhancing infrastructure and connectivity across the country through roads, railway networks, as well as air networks, India is simplifying transport for citizens and will see a growth in productivity. Further, the country is also integrating technology into its urban infrastructure development, paving the way for future-ready cities.
4. Lastly, as the country continues to lift people out of poverty and the middle class expands, it will lead to more opportunities for global businesses to target a major customer base that is becoming increasingly capable of spending.
First Start-Up to Many More
India’s first start-up was Tata Sons Ltd.’s subsidiary, Tata Consultancy Services in 1968. They later created a division called TCS to handle their electronic data processing (EDP) needs and offer management consulting services.
From the first start-up in India (Tata Consultancy Services), India has come a long way, especially in the recent years. As of 2022, the country has over 72,000 start-ups from merely 416 in 2016. This massive jump shows that Indian entrepreneurs today are willing to take a risk and jump into the world of innovation, a spirit that has led us to have 100+ unicorns in such a short time.
How Does The Market Look Now?
After 75 years of autonomy and independence, India has developed tremendously in terms of market, literacy, decreasing poverty rates, and increasing employment opportunities across sectors. And JPIN has strived to do its bit for India towards becoming a superpower. Our founders, Gaurav Singh and Nayan Gala see lots of potential in the upcoming technology in multiple fields that India offers considering that India has produced 105 unicorns in the past few years that, in turn, have attracted venture capitalists who have invested $38.5B in the past year. They also believe that India will be a top location for innovators and would be home to businesses that can push the number of Indian unicorn start-ups past 400. The nation seems as if it has big opportunities in fields like space technology, health technology, and financial technology. According to the Centre for Economics and Business Research (CEBR), India will overtake France as the sixth-largest economy in 2019 and advance to third place by 2031.
As aforementioned, India clearly has a lot of potential with its growing developments and economy, and at JPIN, we are doing our part to contribute to the best prospects available. JPIN has made it possible to discover talents like Chingari, which is now India’s best short video app in competition with Tik Tok and Instagram Reels.
We, as a company have dynamically expanded our portfolio and helped India with great start-ups, business opportunities and employment by tapping into niche and specific fields like Tiny Chef (an app that helps you interactively cook meals).
To pay homage to India’s achievements and look forward towards its growth, we proudly celebrated the nation’s 75th year of Independence by asking our valued network of investors and start-up founders about the country’s future as it marches towards 100.
Seasoned players like Nina Amin, from NED and an ex-KPMG partner, says, “India has become the fastest growing major economy in the world and expected to be one of the top three economic powers globally over the next 10-15 years.” Deepak H. Saluja, Co-Founder and group CEO of TSLC, states that due to technological advancements, India will close the gap in financial disparity, and every Indian, in the next 25 years, will have equal and fair access to financial services. Jamal Hassim, CEO and Co-Founder of Bolt Global, believes that a very goal-driven and young, tech-savvy population will help in India’s growth, adding that the country is a fertile ground for technological innovations.
Through this campaign, we aimed at bringing in different perspectives of industry knowledge together, in order to give a holistic and wholesome picture of India’s development towards a great nation full of innovation and capabilities.
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