Starting a business or Startup has become one of the most frequent discussions among youth for last 10 years in India. We shall tell you about the Huge Business Opportunities for startups in India and also that Why you should start the business in India.
In the year 2007, India’s its own and one of the largest e-commerce companies were started by two IITians Sachin Bansal & Binny Bansal named Flipkart.com. Though the year 2007 was the time when Internet was being used only by large organizations and for public they had to go to Cyber cafes’ still Flipkart got warm welcome by market and in 2009 Flipkart got funding of Rupees 6.5 crore ($1 Million USD)
Since 2007, today India has produced around 4200 businesses(Tech-startups). Today India Ranks 3rd in being largest startup ecosystem in the world.
Do you want to know what and How things have changed and what are the advantages you can get?
Today India is the country having 462 million internet users and 230 million smartphone users and this makes India the 2nd largest Internet-using country (Wikipedia).
Current technology is working in the field of IoT(Internet of Things (Wikipedia)). Now access to the Internet is faster and cheaper than ever before. From Buying grocery to booking a flight ticket, just one smartphone is enough. Today Digital marketing is the largest and most convenient way of advertising. Not only that, Now Study and News reading has also become digital.
The growing purchasing power and rising influence of the social media have enabled Indian consumers to splurge on good things.
- In 2015, revenue from consumer durables sector in India stood at US$ 9.7 billion, which further increased to US$ 12.5 billion in FY16
- Consumer durable market expected to grow at CAGR of 13 percent from FY05 to FY20.
- India hit ten-year high and stood first among the 63 nations surveyed in the global consumer confidence index with a score of 136 points for the quarter ending December 2016
- India’s robust economic growth and rising household incomes are expected to increase consumer spending to US$ 4 trillion by 2025.
If you read above data then you must have noticed that India’s market growth is increasing consistently and will continue booming up. This is another reason you should consider starting a business in India.
This section has changed very Interestingly. There was a time when Indian fathers didn’t at all trust anything that was online. Weren’t they like –
- Area ke sare dukaan dekh lo fir kharido kuch bhi….
- Saaman original hai ki nhi
- Bargain kiye bina to lena hi nhi…
And shopkeepers were like-
- Imported hai Sir/Madam
- Yahi ek piece reh gya hai
- Accha chlo, Na aapka na mera itna hi de do
Ain’t they funny 🙂
But, the current market trend has changed completely – Today, e-commerce is the trend, online is fashion and Flipkart & Amazon is trust. Today probably person of all age groups like to shop online, they know how to use the internet, they know what a mobile application can do, they know they can save time by getting such stuff done online and this is a great opportunity for us to start a business.
Till now you must have understood the changes that happened over these years. Now, Let us tell you about the Advantages you can have in order to start a new Business.
The day 16 Aug 2016 is registered as the day of revolution in Indian Startup Eco-system. Indian government’s Department of Industrial Policy and Promotion(DIPP) launched its first-ever policy for the startup as STARTUP INDIA. According to people – “Startup India is the best thing done by Indian Government for youth”.
Key points about Startup India
10,000 crore fund of funds
reduction in the patent registration fee
Modified and more friendly Bankruptcy Code to ensure 90-day exit window
Freedom from mystifying inspections for 3 years
Freedom from Capital Gain Tax for 3 years
Freedom from tax on profits for 3 years
Innovation hub under Atal Innovation Mission
Starting with 5 lakh schools to target 10 lakh children for innovation programme
new schemes to provide IPR protection to start-ups and new firms
Stand India across the world as a start-up hub
There was a time in India when much importance was given to Government Jobs. Later, higher pay scales and good perks offered by several private sectors or multinationals enticed greatly to the people. But, this initiative of Indian government has empowered and encouraged students to become a job giver.
The government has set up 75 startup support centres across India majorly at -Indian Institute of Technologies(IITs), National Institute of Technologies(NITs), Indian Institute of Science Education and Research(IISERs), National Institute of Pharmaceuticals Education and Research (NIPERs).
Micro Units Development and Refinance Agency Bank (MUDRA Bank) is the public sector financial institution sector in India. It will provide its services to small entrepreneurs outside the service area of regular banks. The bank will have an initial capital of ₹200 billion (US$3.1 billion) and a credit guarantee fund of ₹30 billion (US$470 million).
Government has decided to provide an additional fund of ₹1 trillion (US$16 billion) to the market and will be allocated as-
- 40% to Shishu (Allowed Loans up to Rs. 50000 )
- 35% to Kishor (Allowed Loans up to Rs. 5 Lakhs)
- 25% to Tarun (Allowed Loans up to Rs 10 Lakhs)
Those eligible to borrow from MUDRA bank are-
- Small manufacturing unit
- Fruit and vegetable vendors
Self Employment and Talent Utilization (SETU) funds are Techno-Financial, Incubation and Facilitation programme to support all kinds of startup businesses and other self-employment activities, particularly in Technology driven areas.
SIDBI STARTUP MITRA:
In Association with Small Industries Development Bank of India( SIDBI) state governments in India have launched various policies and schemes specifically to support and promote startup.
Go through the link to know more- SIDBI startup Mitra Schemes
OTHER INVESTMENT FACILITIES:
- ANGEL INVESTORS: An angel investor is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity.
- ALIBABA GROUPS: Alibaba Group, the largest e-commerce company in the world has been investing in good startups.
- CROWD-FUNDING : Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a form of crowdsourcing and of alternative finance.
Startup accelerators, also known as seed accelerators, are fixed-term, cohort-based programs, that include mentorship and educational components and culminate in a public pitch event or demo day.While traditional business incubators are often government-funded, generally take no equity, and focus on biotech, financial technology (“FinTech”), medical technology (“MedTech”), clean tech or product-centric companies, accelerators can be either privately or publicly funded and focus on a wide range of industries.
Go through the link to know about the Best startup accelerators in India.
Now the Government is with you, Banks are waiting to give you loans, Giant Investors are waiting to invest in your idea and number of best Incubators are there to help you turn your idea into a profitable business. All the conditions are right for you to start a business. You too can become an entrepreneur. Then what are you waiting for? Stand Up and Start chasing your dream.
All the best!