Startups to play key role in India's journey to become 3rd largest economy: CEA Nageswaran

Posted under: MSME
Date: 2023-11-20
Startups to play key role in India's journey to become 3rd largest economy: CEA Nageswaran

V. Anantha Nageswaran, India's Chief Economic Advisor, highlighted the crucial role of startups in the country's ambitious development goals, envisioning the nation as the world's third-largest economy. Speaking at the Huddle Global 2023 event organized by the Kerala Startup Mission, Nageswaran highlighted the emergence of Tier-2 and Tier-3 cities, including Thiruvananthapuram, as startup hubs. With the slogan "7-in-7" targeting a $7 trillion economy by 2030, Nageswaran stressed the importance of startup entrepreneurs in achieving this milestone through innovative business models built on expanding physical and digital infrastructure. India's startup ecosystem has witnessed exceptional growth, ranking as the third-largest globally with over 1.12 lakh startups across 763 districts, many of which are unicorns valued at around $350 billion. The country also stands second in innovation quality, with startups addressing challenges across 56 industrial sectors.

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