Startups have the potential to contribute $1 trillion to India’s GDP by FY30: CII Report

Mar14,2024



Mumbai: indian startup Has the potential to contribute $1 trillion to the country Gross Domestic Product By FY30 And a report by the Confederation of Indian Industry (CII) says that more than 50 million direct and indirect jobs will be created. sector like retail And e-commerce, fintech And SaaS (software-as-a-service) could lead the charge, driving disproportionate growth. The increase in consumers transacting online, driven mainly by the grocery and fashion-lifestyle sectors, is expected to boost the growth of the digital products and services economy. There is a “high probability” digital commerce Adoption of B2B retail with ONDC will further democratize commerce and bring more MSMEs online… Next generation financial services can expand access to credit for the next 200 million Indians, the report said.
The increasing digitalization of the economy will pave the way for startups to expand their growth. By FY30, India is expected to have approximately 450-500 million digitally transacting retail consumers and household penetration of digital payments is likely to reach 90%-100%. Additionally, digital adoption is expected to increase among small and medium enterprises due to affordable access, which accounts for 40% of the total SaaS customer market. According to the report, “Indian enterprises may rapidly adopt GenAI-based applications in business processes, leading to a wave of innovation from B2B deep-tech startups.”
The next wave of startup growth, partly helped by a broader base of investor ecosystem, has the potential to add 300 new unicorns, creating scope for more jobs. India currently has 114 unicorns, behind only the US and China, and about 100,000 startups.
Estimates suggest that startups could add 4-5 million direct jobs and 35-40 million indirect jobs by FY 2030.



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