Startups to play key role in India becoming third largest economy: CEA Anantha Nageswaran

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Anantha Nageswaran has said that startups will play an important role in India achieving its developmental aspirations and becoming the third largest economy in the world, PTI reported Sunday. Speaking on the concluding day of the Huddle Global 2023 organised by the Kerala Startup Mission (KSUM), Nageswaran said the tier-2 and 3 cities, including Thiruvananthapuram, have become game-changers in helping startups flourish in the country due to improvements in infrastructure and supportive policies of the respective government, a KSUM release said.

The CEA said India was the fifth largest economy on course to become the third largest in a few years. “As all of you know very well, we are the fifth largest economy in the world, which is on course to become the third largest in a few years.

In fact, I would say '7-in-7' is the buzz slogan, i.e., $7 trillion economy in seven years. It is possible by 2030 if India maintains its present growth trajectory, and in that journey, startup entrepreneurs are going to play an important role," PTI quoted Nageswaran as having said in the release.

“The active participation of startups in India in developing business models on the foundation of expanding physical and digital infrastructure will continue to generate efficiency, revenue and economic returns for the country. The culture of entrepreneurship and innovation is one 'pandemic' that India would like to experience continuously.

It must spread," he added. "The last decade has seen an exceptional transformation in the startup landscape in India, which has emerged as the third largest ecosystem globally, with over 1.12 lakh startups presently recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) across 763