Startups Current Affairs - 2019
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According to National Council of Applied Economic Research, the Business Confidence of India dipped to lowest in six years. It fell by 15% between the period July and October 2019
- The Business Confidence Index dipped to 103.1 from 100.4 in October 2013. This is the lowest in the period of 6 years
- The survey reported that positive growth was witnessed in Managing Inflation, Managing Exchange Rate, Overall Economic Growth, pushing economic reforms, managing conducive political climate, managing government finance, external trade negotiations and managing unemployment
- The Business Confidence Index witnesses an upswing in the firms with annual turn over less than 1 crore rupees and other micro firms.
- The Political Confidence Index fell by 35.6% between July and October 2019.
- The Economic Growth rate declined by 5% in October 2019 as compared to July 2019.
The National Council of Applied Economic Research is a Delhi based think tank that was established in 1956. The aim of the body is to give support to both government and private sector economic researches. The TATA Foundation and other premier organizations came together to form the think tank with the support of GoI. It was founded in PM Nehru’s period. Since 1991, the council is tracking the business confidence in the country on a quarterly basis.
Tags: Business • Business Confidence Index • Economic Growth • Economy • Growth rate
The Nasscom report on Indian Tech Start-Up Ecosystem said that India continues to the third largest start-up ecosystem after China and US. India has added more than 1300 tech start-ups in 2019 according to the report. Between January to September in 2019, there were 8900 to 9300 startups as compared to 7700-8200 a year ago.
- The investment in startups in the period January-September, 2019 touched 4.4 billion USD.
- The indirect jobs that created by the startup ecosystem can jump to 39 to 44 lakh by 2025 from 14 to 16 lakh in 2019
- The Indian startups have the potential to grow about 4 to 5 times by 2025
- Around 18% of the startups are leveraging deep-tech, fin tech, retail tech that are the most mature sectors with strong metrics
- In 2019, the startups created 60,000 direct jobs as compared to 40,000 in 2018
- Seven new unicorns were added in 2019. This takes the total number of unicorns in the country to 24 which is the third highest number of unicorns in a single country in the world. Unicorn refers to tech startup that reaches 1 billion USD market value. 71% of these unicorns are B2B focused.
NASSCOM is National Association of Software and Services Companies. It is a non-profit trade association of Indian IT and BPO industries.