Indian Economist S. P. Sharma, In New Book 'India @2047 – Leading The Global Economic Order,' Describes India As Emerging Global Innovation Powerhouse
It is worth noting that, at the time of independence in 1947, India's per capita GDP was $58 in purchasing power parity, expectancy at birth was 31 years, and literacy rates were 24 percent for men and eight percent for women. In 2024, these figures are estimated to be $11,942, 71 years, and literacy rates of 82 percent for men and 65 percent for women.
Following are excerpts of the book on India as an emerging global innovation powerhouse:[2]
(Source: Amazon.in/India-2047-Leading-Global-Economic/dp/9332706786; Academicfoundation.org/index.php?route=product/product&product_id=974)
Dr. S. P. Sharma interviewed by Indian channel Vision TV world. Click here to see the full interview.
Emerging As A Global Innovation Powerhouse – India's Startup Ecosystem Among Asia's Top 15
India's startup ecosystem is inspiring innovation globally, demonstrating strong growth and success stories.[3] India ranks third in the world and second in Asia in terms of startup numbers. In South Asia, India leads with 17,254 startups, followed by Bangladesh, which has approximately 2,500, and Sri Lanka, which has approximately 748.
India's startup landscape has experienced a sustained rise in recent years, propelling the nation from a nascent entrepreneurial ecosystem to a thriving hub of innovation and economic dynamism. This transformation, driven by technological advancements, government support, and entrepreneurial spirit, has positioned India at the forefront of the global startup ecosystem.
According to the Global Startup Ecosystem Report 2023 by Startup Genome, San Francisco, USA, five Indian startup ecosystems have secured spots in the top 15 Asian ecosystem: Bengaluru-Karnataka; Kerala; Odisha; Tamil Nadu; and Telangana.
These are followed by China, which has three startup ecosystems (Beijing, Shanghai, and Shenzhen); Japan, with two (Fukuoka and Tokyo); and Malaysia (Kuala Lumpur), Sri Lanka, Singapore, South Korea (Seoul), and the Philippines (Manila), each with one ecosystem on the list.
India's startup ecosystem thrives on the energy and innovation of young, dynamic companies, typically less than ten years old. These enterprises have the potential to redefine industries, break away from traditional norms, and inject fresh ideas and business models into the economy... These emerging giants serve as the lifeblood of India's rapidly evolving economic landscape.
Indian Government Support
The government's ambitious "Startup India" initiative, launched in 2016, has played a transformative role in nurturing this dynamic business environment.[4] It has provided regulatory streamlining, financial incentives, and a culture of innovation, significantly catalyzing the growth of India's startup ecosystem.
This scenario not only underscores the sheer scale of entrepreneurial activity within the country but also serves as a testament to the collaborative spirit that permeates the startup landscape. Entrepreneurs, investors, and policymakers have rallied together in their shared pursuit of propelling India's economic engine forward, laying the groundwork for sustained growth and innovation... From technology to healthcare, finance to agriculture, Indian start-ups are at the forefront of meaningful transformation, lever-aging innovation to address pressing societal challenges and unlock new opportunities.
In essence, the Indian startup ecosystem is a testament to the nation's boundless potential and entrepreneurial spirit. It embodies resilience in adversity, creativity in progress, and collaboration as the foundation of success. As India continues on its growth trajectory, the startup ecosystem will remain a key driver of economic dynamism, inspiring future generations and cementing India's position as a global powerhouse of innovation and entrepreneurship.
The transformative impact of big data analytics is revolutionizing sectors such as healthcare, finance, and agriculture, introducing groundbreaking solutions and unprecedented efficiencies.
By harnessing the power of data, startups are driving innovation and addressing critical challenges, from enhancing patient care to optimizing financial transactions and improving agricultural practices. The advent of big data analytics signifies a fundamental shift in industry operations, underlining the pivotal role of startups in shaping meaningful change.
Similarly, crowdfunding platforms have emerged as a democratizing force, revolutionizing access to capital for aspiring entrepreneurs. These platforms empower individuals to rally support for their ventures, bypassing traditional funding barriers and unlocking new avenues for innovation.
By tapping into the collective power of the crowd, startups can bring their ideas to fruition, fueling a wave of entrepreneurship and economic growth. Crowdfunding exemplifies the democratization of finance, offering opportunities to individuals from diverse backgrounds to pursue their entrepreneurial dreams and contribute to India's thriving startup ecosystem.
As these startups continue to push boundaries, they serve as catalysts for progress, driving economic growth and reshaping industries. In a rapidly evolving landscape, characterized by technological advancements and shifting consumer preferences, India's startups stand poised to lead the charge towards a brighter, more inclusive future. By embracing shared ownership models and collaborative consumption, these startups are redefining consumer behavior and promoting sustainable practices in the process.
The government has played a significant role in this extraordinary startup journey. The 2016 Startup Action Plan (SAP) served as a crucial catalyst, identifying key areas of support for startups.[5] From simplifying company registration to offering incubation facilities and seed funding, the SAP has played a pivotal role in creating fertile ground for entrepreneurial success. This proactive approach has propelled India to the forefront of the global startup scene, attracting international investors and reinforcing the nation's commitment to fostering innovation.
In the interim budget of India for 2024-25, the extension of tax benefits to startups until March 31, 2025 marks another positive step for India's startup ecosystem. This measure provides startups with a stable and supportive environment, facilitating innovation and sustained growth. The extended tax benefits offer financial relief to startups during their formative years, enabling them to allocate resources strategically. Concurrently, the prolonged investment timeline provides startups with a greater opportunity to secure funding, contributing to their long-term viability.
These initiatives collectively underline the government's commitment to nurturing a conducive ecosystem for startups, positioning them as key drivers of economic innovation and development.
The Impact Of India's Startups On The Global Economy
The future of India's startup ecosystem is brimming with potential. Continued government support, coupled with investments in talent development, infrastructure upgrades, and policy streamlining, will pave the way for sustained growth and global competitiveness. Fostering collaboration between startups, established businesses, and academia will further accelerate innovation and ensure that India's entrepreneurial spirit continues to flourish. As the world watches with growing anticipation, India's startup ecosystem is poised to redefine economic development, not just for the nation, but for the global economy. India's remarkable startup ecosystem is not only generating employment opportunities and driving economic growth but is also solidifying its status as a global hub of innovation. The proliferation of startups across multiple sectors showcases India's adaptability and its ability to leverage emerging technologies for progress. From artificial intelligence to renewable energy, Indian startups are pioneering solutions to some of the world's most pressing challenges, demonstrating the trans-formative power of human ingenuity.
In conclusion, India's startup journey has the potential to inspire entrepreneurs worldwide, serving as a beacon of hope and innovation in an increasingly uncertain world. As the world watches with anticipation, India stands poised to chart a new course, characterized by innovation, inclusivity, and sustainable growth. By harnessing the collective potential of its diverse talent pool and leveraging emerging technologies, India has the opportunity to carve out a unique position on the global stage, driving progress and prosperity for generations to come.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Iraqi News
4 days ago
- Iraqi News
Asian markets turn lower as trade war rally fades
Hong Kong – Asian stocks fell Friday as their latest rally ran out of legs, with sentiment weighed by strong US jobs data that saw investors row back their expectations for interest rate cuts. With Japan's trade deal with Washington out of the way for now, attention was also turning to European Union attempts to reach an agreement to pare down Donald Trump's threatened tariffs before next Friday's deadline. Equities have enjoyed a strong run-up for much of July on expectations governments will hammer out pacts, pushing some markets past or close to record highs. However, while Wall Street hit new records Thursday — S&P 500 chalked up its 10th in 19 sessions — another round of strong jobs data suggested the Federal Reserve might have to wait longer than hoped to cut borrowing costs. The 217,000 initial claims for unemployment benefits in the week to July 19 was the lowest since mid-April and suggested the labour market remains tight. The figures followed forecast-topping non-farm payrolls in June and come as inflation shows signs of picking up as Trump's tariffs begin to bite. Traders are now betting on 42 basis points of rate cuts by the end of the year, according to Bloomberg News. That's down from more than 50 previously. Meanwhile, a manufacturing survey showed US business confidence deteriorated in July for the second successive month, with companies worried about tariffs and cuts to federal spending. Trump continued to press Fed chief Jerome Powell to slash interest rates during a visit to its headquarters on Thursday, where they bickered over its renovation cost. The president, who wants to oust Powell over his refusal to cut, took a fresh dig during the trip, telling reporters: 'As good as we're doing, we'd do better if we had lower interest rates.' Trump's anger at the Fed and his calls for officials to lower rates has raised concerns about the independence of the central bank. 'While unlikely to yield anything concrete, the optics of a president storming the temple of monetary orthodoxy is enough to put Powell watchers on edge,' said SPI Asset Management's Stephen Innes. 'The risk isn't immediate policy change — it's longer-term erosion of independence, and the signal that Powell may not be sitting as comfortably as markets assume.' Trade hopes remain elevated, with Brussels and Washington appearing close to a deal that would halve Trump's threatened 30 percent levy, with a European Commission spokesman saying he believed an agreement was 'within reach'. The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs. With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend. Tokyo dipped after putting on around five percent in the previous two days, while Hong Kong retreated following five days of gains. There were also losses in Shanghai, Sydney, Singapore, Manila and Jakarta. Seoul and Wellington edged up. The dollar extended gains against its peers as investors pared their rate forecasts. – Key figures at around 0230 GMT – Tokyo – Nikkei 225: DOWN 0.6 percent at 41,570.24 (break) Hong Kong – Hang Seng Index: DOWN 0.7 percent at 25,487.95 Shanghai – Composite: DOWN 0.2 percent at 3,597.77 Dollar/yen: UP at 147.40 yen from 146.94 yen on Thursday Euro/dollar: DOWN at $1.1742 from $1.1756 Pound/dollar: DOWN at $1.3498 from $1.3507 Euro/pound: DOWN at 86.99 pence from 87.01 pence West Texas Intermediate: UP 0.6 percent at $66.43 per barrel Brent North Sea Crude: UP 0.6 percent at $69.61 per barrel New York – Dow: DOWN 0.7 percent at 44,693.91 (close) London – FTSE 100: UP 0.9 percent at 9,138.37 (close)
Iraqi News
4 days ago
- Iraqi News
US chip maker Intel says revenue rose as it cut ranks
San Francisco – Intel on Thursday posted quarterly revenue that topped market expectations, saying it has cut about 15 percent of its workforce to be 'more agile.' The US chip maker also said it 'will no longer move forward' with projects in Germany and Poland as part of a push to save billions of dollars. The struggling chip maker's earnings report came as rivals specializing in graphics processing units (GPUs) for artificial intelligence thrive due to rapid adoption of the technology. Intel is one of Silicon Valley's most iconic companies, but its fortunes have been eclipsed by Asian powerhouses TSMC and Samsung, which dominate the made-to-order semiconductor business. The company was also caught by surprise with the emergence of Nvidia as the world's preeminent AI chip provider. Intel's niche has been in chips used in traditional computing processes, steadily being eclipsed by the AI revolution. Intel reported $12.9 billion in sales in the recently ended quarter, topping forecasts, but logged a $2.9 billion loss that included $1.9 billion in restructuring charges. 'Intel has completed the majority of the planned headcount actions it announced last quarter to reduce its core workforce by approximately 15 percent,' the company said in an earnings release. 'These changes are designed to create a faster-moving, flatter and more agile organization.' Intel shares were down slightly in after-hours trades that followed the release of the earnings figures. Intel chief executive Lip-Bu Tan took the helm in March, announcing layoffs as White House tariffs and export restrictions muddied the market. Malaysia-born tech industry veteran Tan has said it 'won't be easy' to overcome challenges faced by the company.
Iraqi News
4 days ago
- Iraqi News
Iraq exports over 600 million barrels of oil in 2025's first half
Baghdad ( – The State Organization for Marketing of Oil (SOMO) revealed on Thursday that Iraq's oil exports during the first half of 2025 surpassed 600 million barrels. According to the figures, Iraq's total oil exports in the first half of the year were 606.58 million barrels, representing 101.09 million barrels per month. SOMO reported that revenue generated from oil exports in March, April, May, and June totaled $27.5 billion. Due to ongoing production cuts in line with OPEC+ agreements and additional voluntary reductions, Iraq's average crude oil and derivative exports fell by 110,000 barrels per day in the first quarter of 2025. Iraq's average crude oil and petroleum derivative exports during 2024 increased to 3.64 million barrels per day compared to 3.55 million barrels per day in 2023. Over 70 percent of Iraq's oil exports in the first quarter of 2025 were sent to Asian buyers, who continued to be the largest consumers of Iraqi oil. The top three countries on the list were China (1.34 million barrels per day), India (940,000 barrels per day), and South Korea (380,000 barrels per day).
