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Startup boom poised to drive 5-10% surge in India's GDP by 2030
Inc42
ยท
1y ago
Medial
India's GDP is poised for significant growth, projected at 5-10% by 2030, primarily driven by its thriving startup ecosystem. The country has become a global hub for innovation, with over 68,000 startups launching between 2014 and 2023. Factors contributing to this growth include a tech-savvy youth population, an expanding middle class, and a favorable regulatory environment. India's GDP is expected to outpace the US and the EU, trailing only behind China. These startups are transitioning from service-oriented to product innovation leaders, boosting job opportunities, investor engagement, and consumer spending. Despite challenges, they are poised to shape India's economic future.
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Despite headwinds, India will remain resilient, says Deloitte report
Business Today
ยท
4m ago
Medial
Despite global uncertainties and protectionist policies, Deloitte's report highlights India's resilience and attractiveness as an investment destination. As the fastest-growing major economy, India's robust domestic demand is poised to drive it to become the world's third-largest economy by 2027. Significant infrastructure investments and a growing middle class are set to boost consumer spending substantially by 2030. India's focus on technology and innovation further enhances its potential, positioning it for continued growth despite short-term global challenges.
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India to overtake Japan as the 2nd largest economy in Asia by 2030: S&P Global
IndianStartupNews
ยท
1y ago
Medial
India is on track to become the world's third-largest economy by 2030, with a projected GDP of $7.3 trillion, surpassing Japan, according to S&P Global Market Intelligence. The Indian economy is expected to grow by 6.2-6.3% in the fiscal year ending March 2024, making it the fastest-growing major economy. India's robust domestic demand and a burgeoning middle class are significant drivers of this growth, attracting multinational corporations across various sectors. Digital transformation and increased internet access are also set to reshape the consumer market landscape. India's growth is poised to make it a pivotal market for multinationals.
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India will become $10 trillion economy over next decade, GCCs to contribute $0.5 trillion - The Economic Times
Economic Times
ยท
1m ago
Medial
India is poised to become a $10 trillion economy within the next decade, driven by Global Capability Centers (GCCs) contributing $0.5 trillion to the GDP while employing 20-25 million people, according to Gunjan Samdani of Goldman Sachs. India's demographic strengths, technological capabilities, and AI advancements position it as a global growth leader. GCCs are transforming from cost-saving units to innovation hubs, aligning with global trends in AI and digital transformation.
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Kia guns for 17% of Indiaโs EV car market
Livemint
ยท
1y ago
Medial
Kia India aims to capture a 15-17% share of India's electric passenger vehicle market by 2030, higher than its overall market share target of 10%. The company expects the market to reach 5 million units by 2030, with 20% being EVs. Kia plans to introduce new product lines aggressively and aims to grow its sales by 10% in 2021. However, it has faced challenges due to increased competition and various production issues.
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Digital public infra could boost India's GDP to $8 trillion by 2030: Report
Livemint
ยท
1y ago
Medial
Digital public infrastructure (DPI) has the potential to boost India's economy to $8 trillion by 2030, as per a report by Nasscom and Arthur D Little International. Mature and budding DPIs, which include digital networks like Aadhaar and UPI, could propel India towards its goal of becoming a $1 trillion digital economy. The report suggests that if successfully adopted, DPI could contribute between 2.9% and 4.2% of GDP by 2030, compared to 0.9% in 2022. The Ayushman Bharat Digital Mission and the Open Network for Digital Commerce are expected to drive the value increase. However, challenges like stakeholder connection and limited reach need to be addressed.
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Investment MOUs worth Rs 16 lakh crore signed in Davos: Fadnavis
YourStory
ยท
7m ago
Medial
Maharashtra signed MoUs worth Rs 16 lakh crore at the World Economic Forum in Davos, aiming to boost its GDP to $1 trillion by 2030, as part of India's $5 trillion economy target. Chief Minister Devendra Fadnavis attributed this to investor confidence in policy continuity and Prime Minister Narendra Modi. Agreements span various sectors, with the state committed to ensuring these translate into real investments. Indian leaders emphasized collective growth for national progress.
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dpi: DPI set to propel India towards $1 trillion digital economy by 2030: report - StartupNews.fyi
Startup News FYI
ยท
1y ago
Medial
Digital Public Infrastructures (DPIs) in India, such as Aadhaar, Unified Payments Interface (UPI), and FASTag, have played a vital role in driving economic transformation and inclusivity. Mature DPIs have generated a value of $31.8 billion, approximately 0.9% of India's GDP, with projections indicating that this could increase to 2.9%-4.2% of GDP by 2030. India's success in developing DPIs has been attributed to government support, IT expertise, and a thriving startup ecosystem. These infrastructures are expected to continue evolving, utilizing technologies like AI and Web 3 to enhance user experiences and expand their range of services.
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AI, online gaming can add up to $300 billion to India's GDP by 2026-27: Rajeev Chandrasekhar
Economic Times
ยท
1y ago
Medial
According to Union Minister Rajeev Chandrasekhar, the artificial intelligence (AI) and online gaming sectors have the potential to contribute up to $300 billion to India's GDP by 2026-27. The government plans to host a global summit called 'India AI-2023' on December 10 as part of its efforts to promote AI. Chandrasekhar also mentioned that the government aims to achieve a $1 trillion digital economy as part of the $5 trillion GDP target.
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NASSCOM Report: Micro-Startups boost Indiaโs economy
Inshorts
ยท
4m ago
Medial
Indiaโs startup boom is being driven by micro-ventures, as revealed in the 2024 NASSCOM report. With under 10 employees and minimal capital, these businesses generated โน50,000 crore in 2023. Solving hyper-local problems through tech and frugality, they reflect a shift toward lean innovation, reshaping Indiaโs economy from the grassroots and fueling its $5 trillion ambition.
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Tech sector key to becoming a $7 trillion economy by 2030: Nasscom's Rajesh Nambiar
Economic Times
ยท
4m ago
Medial
As India aims to become a $7 trillion economy by 2030, the tech sector is crucial, projected to contribute $1 trillion to the GDP by driving innovation and solving global problems, according to Nasscom's Rajesh Nambiar. Emphasizing India's third-largest startup ecosystem, he highlights the need for technological sovereignty, enhanced R&D, and fostering deep tech. The Startup Mahakumbh will showcase these efforts, with participation from global industry leaders.
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