India’s IT hub Bengaluru is host to the largest number of technology-driven startups, followed by the National Capital Region (NCR) and Mumbai. Hyderabad and Chennai have also become quite popular among budding entrepreneurs, a study by industry chamber Assocham revealed. The study, done in association with the Thought Arbitrage Research Institute, found that in the sphere of technology-driven startups, India has moved up to third position after the US and Britain. While the US has more than 47,000 tech startups and Britain has over 4,500, the figure for India was around 4,200 by 2015-end. “In terms of total number of startups, comprising tech and non-tech areas, India again figured among the five largest hosts in the world along with China,” the Associated Chambers of Commerce and Industry of India said in a statement. Also Read - Ola to offer free oxygen concentrators to the needyAlso Read - Samsung Galaxy S20 FE Long-term Review
In India, Bengaluru was host to 26 percent startups, followed by Delhi NCR with 23 percent and Mumbai with 17 percent. “In the
‘catching up’ category fell Hyderabad with eight percent, and Chennai and Pune with six percent each,” Assocham said. “The disruptive innovation in technology and process is creating newer Indian start-ups and foreign investors, including some of the well-known Venture Capital Funds, are showing immense interest in these startups,” Assocham President Sunil Kanoria said
in the statement.
According to the chamber, the awareness that a start-up is a vehicle of rapid growth through technological “disruption” and innovation needs to spread across the economy. “Only then, there can be a true start-up revolution; otherwise if any small traditional business is treated as a start-up then the start-up eco-system will never develop properly. Realization of this distinction needs to percolate to all strata of the policy-making and economy to ensure that a real support system for the start-ups, in terms of technology, hand-holding, funding and rapid growth, can develop properly in the country,” it said. ALSO READ: Karnataka HC raps state government for stifling startups
The report has suggested tax exemptions for research and experimentation to encourage fresh ideas without fear of failure. It has also said courses on creation of small businesses should be encouraged in the learning campuses. Meanwhile, the government on Friday announced that a team would be set up to advice on how to further improve India’s ranking in the global index of countries in the sphere of innovations. ALSO READ: Startups in India now joining the augmented reality and virtual reality bandwagon
Commerce Minister Nirmala Sitharaman made the announcement here while releasing the Global Innovation Index 2016 Report, which shows India, has improved its index ranking by 15 places over last year to 66th place, following five previous years of decline in position. In his address at the event, Niti Aayog CEO Amitabh Kant said India is becoming a center for innovation, and in the last few years over 1,500 multinationals had relocated their R&D centers to places like Bengaluru, Hyderabad, Pune and Gurgaon.