According to the IT industry body Nasscom, India is on the verge of becoming second biggest eco-system for startups after the US in the next two years on account of the ongoing high growth rates.
The trade body feels that the rate at which the startups are growing is much faster than Britain and Israel, which are ranked between India and worldwide leader US at present.
Among the areas in which the startups are engaged includes wearable technologies, big data and analytics, augmented reality, cloud computing, hardware, education, advertising and healthcare.
Speaking on the startup scenario in India, R Chandrashekhar, President at Nasscom said, “We expect that within the next couple of years, we will have the second biggest startup ecosystem in the world. There is a difference between the scene here and the one outside, and pointed out that domestic companies address both opportunities within the country as well as internationally.”
Last year, the country had witnessed 800 new companies starting up, taking the total number of startups to 3100. As per the latest report of Nasscom, as many as 11,500 startups would come up in the country employing over 2,50,000 people by 2020.