India’s deep pool of domestic surpluses can be directed towards startups

livemint.com:

This is part of a special series of articles by the country's foremost voices, ahead of Union Budget 2024, aiming to draw attention to the critical reforms that can help India in its journey to become a developed nation by 2047. As India marches closer to the status of a $4 trillion economy and the world’s fourth largest, a crucial question emerges: how do we equip ourselves for the road ahead? For India to wear the crown of a developed nation, we require 10x growth targeting the $40 trillion mark. It is not just growth, but other goals that need to be addressed.

I believe there are five pillars common to every developed nation: economic strength, evidenced by per capita income, and backed by a stable fiscal/monetary environment; superior quality of life for all citizens, coupled with universal access to education and healthcare; social stability, backed by trustworthy legal systems; a fast pace of innovation and technological advancement; and strategic relevance to the global economy. Meeting these goals would also see us lifting millions out of poverty and building an India that withstands the test of time.

As we aspire to become a developed nation, the task on hand is to have broad-based growth which will be anchored on creating more than 100 million new jobs. According to projections by the Confederation of Indian Industry (CII), startups are expected to create 50 million jobs by 2030, which is certainly encouraging.

In the last two decades, particularly, we have witnessed the emergence of innovative, tech-driven business models that have made a significant contribution to inclusive growth, having cultivated an ecosystem of new jobs and allowed for low-cost access to products and services. Achieving developed nation