India is growing in the startup space and has the potential of becoming a leading global startup hub. The startup ecosystem in India is the third largest ecosystem in the world. As many startups come up, more jobs will be generated and new inventions will flow into the market. Startups are focusing on expanding their businesses and beginning to become support structures for R&D centers for various industries. The Union Budget for the year 2023 is one of the most awaited budgets and is being eagerly anticipated by leaders, investors, and entrepreneurs from various industries. The union budget will be produced on 1st February 2023.
Ridhima Kansal, Director of Rosemoore said “The Indian start-up ecosystem is no more just a peripheral entity but is becoming the focal point of the overall India Inc. Today India is home to 3rd highest number of start-ups in the world after the USA & China. In the present Budget, it is important for the government to take prudent steps to help start-ups. There is a pressing need for a separate taxation system for start-ups which can be extended to PE players, VCs, etc. Likewise, the government should help Indian start-ups to get listed on international bourses as well. This will help them get access to easy and smooth capital inflow.”
In 2023, India will witness a surge in startups in all walks of the industry. Sanjay Mehta, Founder & Partner, 100X.VC said “India has a significant local growing consumer demand. Hence, it will not be impacted by the impending global recession. In 2023, we will be experiencing India, where new start-ups will be unlimited in supply.”
In 2022 about 20,000 startup employees were laid off and are still continuing in 2023. Startups such as Dunzo, MohallaTech, Cashfree, Moglix, etc laid off several employees while stating that the reason for this move was due to a restructuring exercise with an aim to reduce costs as the funding in the winter session was not as much as it was expected.
