Indian startups may add US$ 1 trillion to Indian economy by FY30.

According to a report by the Confederation of Indian Industry (CII) titled 'Unicorn 2.0: Adding the Next Trillion', Indian startups are projected to contribute significantly to the economy by 2030. The report, developed in collaboration with McKinsey & Company, forecasts that Indian startups could generate 50 million new jobs and contribute US$1 trillion to the economy by the fiscal year 2029-30 (FY30). It highlights that startups valued at US$1 billion or more, known as Unicorns, have been pivotal in driving job creation, accounting for 20-25% of new jobs in the past decade. By 2030, it is estimated that Indian startups may directly create 4-5 million jobs, with an additional 9-10 million opportunities for gig workers, and 35-40 million indirect jobs through the supply chain. The report further notes that India has witnessed the emergence of over 100 unicorns between 2010 and 2023 and anticipates the birth of 300 new unicorns between 2024 and 2035.

The report projects significant growth in various sectors by 2030, with retail and e-commerce leading with a gross merchandise value (GMV) of US$ 380 billion-US$ 400 billion, followed by manufacturing and fintech. Other sectors like agriculture, healthtech, travel, telecom, and education are also expected to contribute US$ 260 billion -US$ 270 billion to the economy. Export GMV is anticipated to soar to US$ 140 billion-US$ 150 billion by 2030. Startups have already contributed 10-15% to India's gross domestic product (GDP) growth between FY16 and FY23, a trend expected to continue upwards. CII Director General, Mr. Chandrajit Banerjee emphasizes the broader societal impact of startups beyond financial metrics.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.