The Confederation of Indian Industry (CII) predicts 50 million new employment and $1 trillion in economic growth from Indian entrepreneurs by 2029-30 (FY30). The paper, ‘Unicorn 2.0: Adding the Next Trillion’, predicted a $7 trillion Indian economy by 2030. The Thursday report was produced with McKinsey & Company.
“Twenty–five percent to twenty–five percent of Indian jobs created in the last decade were due to startups. Indian startups may create 50 million jobs by 2030, it said. These 50 million jobs are estimated to include 4-5 million direct positions, 9-10 million gig jobs, and 35-40 million indirect jobs created by value chain suppliers. The report also suggested India created over 100 unicorns between 2010 and 2023. Between 2024 and 2035, 300 unicorns may emerge.
The report predicts retail and e-commerce will have the greatest GMV of $380-400 billion by 2030. Then $140-150 billion in manufacturing and $65-75 billion in fintech are likely. Agriculture, health, transport and mobility, communications and entertainment, and education might contribute $260-270 billion to India by FY30. The analysis predicted a 20-23x increase in export GMV to $140-150 billion in 2030 from $6-10 billion in 2022-23.
Conclusion
Startups contributed 10-15% to India’s GDP growth between FY16 and FY23. “In coming years, it is only going to go up,” said McKinsey senior partner Ramdoss Seetharaman. Startups affect more than balance sheets. These companies can influence society. CII Director General Chandrajit Banerjee said Indian startups’ efforts to improve education, health care, and sustainability demonstrate their dedication to community improvement.
