Recently, the Confederation of Indian Industry (CII) has unveiled its groundbreaking report titled “Unicorn 2.0: Adding the Next Trillion”. According to this report, Indian Startups are poised to generate a staggering 50 Million New Jobs and Inject a whopping USD 1 Trillion into the economy by the FY30.
Staggering Job Creation
The Report has highlighted that the emergence of startups has been a significant driver of the job creation in India over the past decade. Notably, approximately 20 to 25% of the jobs created during the year are attributed to the startup ecosystem.
The road ahead is promising and future projections suggest that by 2030 Indian startups could be responsible for 50 million more jobs created in the Indian economy. Such jobs count 4-5 million for direct workplace participants, another 9-10 million operated by gig workers and relevant 35-40 million of the suppliers within the value chain.
Unicorn Boom
India has been the country to beat all odds and achieve a decent rise in the rise of unicorn startups stood at over 100 between 2010 to 2023. What is even more appealing is the fact that the report forecasts that the number of unicorns will climb to new heights. Specifically, the report estimates that by 2035 a total of 300 new unicorns will have risen in the market.
Sectoral Growth Predictions
The report offers insights into the sectors expected to drive this monumental growth. Retail and e-commerce are projected to lead the pack with a gross merchandise value (GMV) ranging from USD 380-400 billion by 2030. Following closely behind are the manufacturing sector with USD 140-150 billion and fintech with USD 65-75 billion.
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Diverse Contributions to the Economy
The report also pinpoints agriculture, health tech, travel and mobility, telecom and media, and education as bringing diverse contributions. The sectors are estimated to be making an impact on the economy with USD 260-270 billion by FY30.
Global Expansion
Furthermore, the report predicts a substantial increase in the Gross Merchandise Value (GMV) of exports, with a projected jump of 20-23x to USD 140-150 billion by 2030, compared to USD 6-10 billion in 2022-23.
Positive Impact on GDP Growth
Startups have already played a significant role in India’s GDP growth, contributing 10-15% between FY16 and FY23. Experts believe that this contribution is only set to rise in the coming years, further solidifying the pivotal role of startups in India’s economic landscape
