You know a year ago when Sundar Pichai took over as the CEO of Google, a joke gained a lot of popularity in social media. As per the joke, if Sundar Pichai's family in India were to be interviewed on how they felt on Mr. Pichai's success, the reply would be" Well, we're happy, but a 'saarkari naukri' would have been better". 'Saarkari naukri' actually means government job. The sarcasm stated above perfectly describes the Indian middle classes' obsession with Government Jobs.
Not too long ago, a government job was considered to be paramount importance in India. Children were encouraged to study well, secure good grades and settle with a Government Job or a job in a reputed private company. After all, the coveted 'saarkari naukri' paid quite well, provided stability and a few other perks too. Very few dared to give wings to their ideas and dreams. No doubt, the word "start-up" was unheard of a decade ago. But things started changing when a few youths in different parts of the country started to pursue their dreams of starting a company of their own. Soon, others followed their footsteps and in a matter of 10 years, the Indian start-up ecosystem has established itself as one of the best in the world.Now, the start up culture is growing rampant in India, with a lot of youngsters becoming job creators rather than job seekers. The support given by the central government and invests pouring in from all sides, start ups in India are now slowly starting a revolution.
Why India?
The biggest question that most investors face is why they choose India for investment? The answer to this is more or less multifaceted.
India's biggest plus point is its very own domestic market. Upon dishing out a new product in the market, the company will have its hands full thanks to the domestic market, IF it is a success. Startup Owners don't have to go chasing for feasible markets all over the world, while they are residing in the second most populous country in the world.
With thousands of youngsters stepping out every year after graduation, the net employable population is on a sharp rise. However job opportunities are more or less controlled due to employment saturation in most industries like the IT industry. This gives youngsters the biggest push they need "desperation".
But it's not like youngsters are forced into the startup scenario. Most people dream of starting their own ventures from young ages, and while all circumstances seem favorable youngsters are grabbing at whatever opportunities are thrown at them. India's talent pool has been the biggest honeycomb for all industries, especially the IT firm. So it is no surprise that when this talent pool starts taking things in its own hands, a revolution is on the cards
The startup boosters- India is home to a number of startup boosters like NASSCOM, which aids start ups and gives them the two most crucial things they need. What start ups lack in experience is compensated by sound advisors, and what start ups lack in finance, is provided by investors. With these pivotal elements accounted for, most start ups see a significantly promising success projection.
The government's support in start ups is not something that can be easily overlooked. With entire budgets termed "startup budgets" set apart by state governments, startup events are never in shortfall. With the central government's latest Make in India campaign and other tie ups with MNC giants, start ups are seeing a promising future.
Some promising Start ups
India's successful start up list had close to 1450 start ups at the end of 2014. This is projected to be close to 10,000 start ups by the year 2020. This projection seems quiet reliable, owing to the fact that there are now a number of start ups whose impact can be readily felt. With ideas which are literally out of the box and well focused on the Indian conditions, these start ups have become highly successful and are now successful brands.
Some promising start ups which have established themselves into multi-billion dollar businesses are Flipkart, Myntra, Housing.com, Ola Cabs, Paytm, Snapdeal, Freecharge, makemytrip. The list is endless. What's interesting is the fact that these start ups have contributed a lot towards generating a lot of jobs and opening avenues for other start ups to feed on. For instance the success of ecommerce giants like Flipkart, Snapdeal, Myntra, etc has resulted in a huge demand for shipping and logistics service providers. This has prompted many ambitious youngsters to open up a shipping company of their own. One such start up is Delhivery, which is now catering to the demands of numerous ecommerce giants. Thus it is evident that a successful start up can impact the economy of a country like India in a huge way.
In the coming days, there will be an exponential rise of entrepreneurs and start ups in India, which will definitely be a welcome change to boost the economy of the nation and create avenues for employment. The Government of India under the patronage of Prime Minister Narendra Modi is also taking ample steps to nurture and help the start ups grow. PM Modi too is well aware of the importance of start ups, as is evident from his slogan " Start up India, stand up India"