Indian startups created 2.3 lakh jobs in 2022 despite layoffs: Report

Indian startups created 2.3 lakh jobs in 2022 despite layoffs

230,000 employment were generated in 2022 by Indian startups, according to research by the banking and finance platform StrideOne. The report indicates that the total number of employment produced by start-ups increased at a rate of compound annual growth (CAGR) of 78% between 2017 and 22 and is anticipated to increase at a CAGR of 24% between 2022 and 2027.

It also noted how efforts by the government to develop a digital economy would lead to a 70x rise in job penetration by 2025.

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After the United States and China, India has the third-largest start-up ecosystem worldwide. The Department for Industry Promotion and Internal Trade in India has about 770,000 start-ups on file. The start-ups, which include 108 unicorns, have a collective worth of more than $400 billion.

According to StrideOne’s founder, Ishpreet Singh Gandhi, the ecosystem’s rise has opened up several potentials in several areas, including scalability, alternative finance sources, and market expansion internationally. Additionally, it has improved the ability to add millions of new employment.

“This meteoric ascent of start-ups has created India the third biggest start-up environment in the world, this is what has greatly influenced the Indian economy, and this demonstrates the capacity to add about 4-5% to the GDP of India,” he said.

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November 2024

Tech & Human Equation

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