TECHNOLOGICAL STARTUP AND ITS IMPACT ON ECONOMY IN INDIA: AN OVERVIEW

Abstract Technology is considered as major thrust area of gaining strong economy. Indian economy has been transforming from conventional to digitalize through laughing of several initiatives. In this regard, technology startup was an important milestone in India. But, its contribution on economy has been slowly but steadily growing. Despite its contribution on economy, technology startup and its performance are not all satisfactory. The purpose of this study is to review and to evaluate technology startup and its impact on Indian economy. However, technology startup is at growing phase in India and plenty of opportunity to achieve expected goals subject to focus on innovations and initiatives.

- Dr. Rintu Nath

Introduction

The idea of doing something is called entrepreneurship which is the prerequisite for favorable environment for businesses. But, entrepreneurship in novelty bears separate identity from rest of others. When novelty comes into reality and is marketed with sophisticated technology, then it enters a new brand into the market. India is far behind of launching some outstanding brands globally due to clear shortage of using contemporary hi-tech approach in their products. This has been reducing competitiveness and faceless presence in international markets. The well known edge thinks globally but acts locally is not being observed and followed by the new entrepreneurs. They basically operate and take decisions within contiguous areas. In this juncture, concerned agencies in India are required to encourage startups in the light of leveraging exports in the manufactured articles specifically. Service sector in our country is the leading earner of foreign currencies while performance of secondary cum manufacturing sector is frustrating. Therefore, the study will not only to focus on background and potentiality of technology startup but also to measure its impact on economy in India.

Although, India is second highest populated country but its rank in export is very insignificant in the World. In view of that, India’s share in global merchandise exports is just at 1.7 percent as compared to China’s 12.8 percent1. In fact exports are directly linked with strength of socio-cultural, economy, security, geo-political, technological and influential role in the leading International bodies. Highest the exports leads to enjoy more sovereignty in all respects and vice-versa. Therefore, tech-startups in India may be an ideal step and shape the exports scenario in the country.