India is a nation with more than one billion population at its base. India is about to reach its peak of employable population (64%) by the year 2021 with most of the citizens lying in the age group of 20-35 years.
Much to your amaze, average age of India will be 29 years in the year 2020, leaving US and China far behind.
What does this mean for India? What does it mean for us? It means India will soon possess the highest number of people in the world who can work.
Marketers may see it as an opportunity, financial experts say it’s good for the nation, human resource professionals find it as a golden period for themselves.
But what about the nation; How can India benefit from it?
Nowadays it is nothing new to hear about a new startup emerging in the industry. The truth is we do not even know how many new ventures are opening and closing in the market every day.
India, now the third largest nation in terms of startups, is on its way to reach the top rank. But there are few aspects that depict why India still requires more successful entrepreneurs to step up and keep passing the baton of passion.
Demographics
Stats suggest that till the year 2050, India will reach its maximum limit of 1.1 billion in the working age population. Till the year 2015, India and China comprised a majority percentage (62%) of Asia Pacific’s region with 860 million and 1 billion workers respectively. This huge number which we will touch surely in the future excites us but actually it is a matter of concern too.
As per study, the working-age population increased by a humongous number (300 million) between the years 1991 and 2003 but less than half of them (140 million) got employment.
Don’t you think that is a big piece of cake we have already wasted? Same opportunity is again knocking at our door. Thank god, we have taken toddler steps towards acclaiming this amazing feat this time.
India is a home to several startups but only a few have been able to impress the investors on a large scale. We need more startups in order to increase our nation’s GDP.
India’s population, majorly working in metro cities are either working for MNCs or working in Indian companies providing services to firms abroad.
“Make in India” initiative has inspired many youths who are now identifying the relevance of ‘creating a job’ rather than ‘finding a job’.
Most of the technological platforms we are working today are foreign-based or owned by companies operating from outside India. It is high time that we stand on our own legs since a huge number of individuals are gearing up to work in the near future.
Our nation needs more entrepreneurs who will inspire more professionals to work in and for India.
Innovation
In this era of innovation and change where everything is transforming at an astonishing speed, India needs to keep up with the pace accordingly.
Unlike in past, when India was not very comfortable with changes, the boom of startups and entrepreneurship has changed the whole scenario today. Companies such as OYO Rooms, Food Panda, Zomato, Swiggy, and Practo, have shown how innovation can make even a stubborn population to accept you.
You must not confuse it with copy pasting the same idea that already flourishes in the West. Indian startups need to come up with fresh ideas that can solve the problem of masses keeping the cost in consideration.
Innovation provides India an irresistible urge to encourage more and more startups to become successful.
India’s one of the most successful startups Flipkart has been providing employment to 33k people across the nation. This logistic giant has proved that using innovation to render employment to thousands of people and keeping revenue in consideration is easily possible.
‘Make life Simple’ Ideas
People nowadays have been getting so occupied in their work that any idea that can save even their 5 or 10 minutes in daily work routines is a million dollar one.
Companies that are able to impress the customers in India ensure to render services that are part of their daily routine. This ‘make the life simple’ ideas are getting extremely popular among Indian startups today.
You are waiting for a cab, Ola is here; you want food delivered to your home; Swiggy is at your service; you want to book a hotel room on an official tour or on a holiday, OYO rooms are everywhere; you want to book a movie, Bookmyshow exists.
For every simple idea, millions of users and billions of revenue show up. So, if you are struggling with your startup, it is time to review your product and its implementation.
Investors Ready to Rain
You won’t believe this but there are many investors who want to put their money into an original idea but are unable to find one. All venture capitalists across the globe have seen the highly potential Indian market and have realized its worth. Seeing just the amount invested by the VCs in the year 2015, you can simply understand the opportunity India has and how well we can cash the same.
According to a survey, Indian startups have raised around $1.4 billion across 350+ deals in Q1 of FYI ’16. This amount seems huge, but seeing the immense number of people coming up to work and the caliber our nation possesses, it is just a starting.
Government Initiatives
Indian government recently launched ‘Startup-India’ campaign, with a scooping amount of INR 2000 crores allotted to the same. Under the leadership of our honorable Prime Minister Mr. Narendra Modi, the Indian government also plans to render the budding entrepreneurs different benefits such as rendering legal advice for filing patents, low cost for filing patents fee. All these have been provided to encourage the entrepreneurship spirit in India.
With government supporting startups at this scale, idea makers of India should really grab this opportunity to mark their presence in this yet to be discovered sea of innovation and passion.
Just imagine if our government is so supportive and is encouraging startups and entrepreneurship at this scale, how many more successful startups can emerge in the coming 5 years or so. Sky is the limit!
Competition is Good
More ideas mean more entrepreneurs, which mean more startups, which leads to more competition. This sense of competition in Indian market can really boost the condition of Indian business.
Taking a simple example of how the presence of Zomato has inspired two major startups in India; Swiggy and FoodPanda. This takes the competition to the next level of innovation, where each player tries to capture the market with a better idea.
Not only this competitive sense reduces the threat of monopoly but also provides employment to a large group of potential workers.
On one hand, where companies are getting benefited by this competitive wave because they will keep on innovating their product, service, technology and other parameters; while on the other hand, consumers get multiple options of taking the same product/service from a number of players, who focus on making things simpler for them.
To make the nation grow, people residing there play their part by contributing in whatsoever way they can.
Since currently we are on the verge of having the most employable workers in the world, so it is our responsibility to take this baton of progress from previous leaders and move forward.
With hopes and expectations, I am concluding this article and hope to see more Indian names in the best startups of the world soon.
This is a guest post by Shashvat Vats. He describes himself as a proficient writer by heart and a marketer with brains. He loves to write about the latest trends and happenings in the marketing industry. Working with Viralwoot as a marketing professional, he always keeps his head straight and thoughts high.
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