India third largest tech startup destination; here's what PM Modi said
India is now the third largest tech startup hub in the world.
With 4,200 tech startups, India has ranked third after UK that accounts for 4,500 and USA taking the lead with 47,000.
In a study reported by Assocham in association with ‘Thought Arbitrage,’ on August 21, stated that in technology driven start-ups, India has moved up to third position
Prime Minister Narendra Modi tweeted this information stating that ‘India is a nation fuelled by power of new ideas.’
— MyGovIndia (@mygovindia) August 23, 2016
Bangalore topped the charts in India with 26% of the tech startups followed by Delhi NCR 23% and Mumbai with 17% of the tech startups.
“The disruptive innovation in technology and process is creating newer Indian start-ups and foreign investors including some of the well-known venture capital funds are showing immense interest in these start ups,” Assocham President, Sunil Kanoria said in a statement.
In terms of total number of startups, comprising both tech and non-tech areas, India again featured among the five largest hosts in the world, along with China (10,000 each).
Yet, the US is still number one with 83,000 startups.
“Start up India with Make in India and Digital India has the potential to expand Indian eco system for the new entrepreneurs. The paper suggested tax exemption for research and experimentation to encourage fresh ideas without fear of failure,” the report stated.