India's startups are a hot topic in a report by the
Confederation of Indian Industry (CII) and
McKinsey & Co titled 'Unicorn 2.0: Adding the Next Trillion', 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).
Unicorns are startups valued at US$1 billion or more have been pivotal in driving job creation, accounting for 20-25 percent of new jobs in the past decade. By 2030, it is estimated that India's 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. 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 sees retail and ecommerce leading the field – 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. Quite a story – and one to be part of.
The Confederation of Indian Industry (CII) fosters an environment supportive of India's development by collaborating with Industry, Government, and civil society, offering advisory and consultative services. As a non-governmental, not-for-profit organization, CII is industry-driven, comprising approximately 9,000 members from both public and private sectors, including SMEs and MNCs. Additionally, it indirectly represents over 300,000 enterprises through 286 national and regional industry bodies. With over 125 years of experience, CII actively contributes to India's developmental trajectory by influencing policy, engaging with thought leaders, and facilitating industry growth through specialized services and global partnerships. Furthermore, CII serves as a platform for consensus-building and networking on critical issues.
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Source: Business Standard