India is the world’s third biggest hub for tech-startups, according to a ASSOCHAM, the Associated Chambers of Commerce of India.
ASSOCHAM reported that tech-startups in the country now number 4,200 and can be found in centers such as Bengaluru, Delhi NCR and Mumbai. Other popular locations include Hyderabad and Chennai.
In a report, ASSOCHAM said, “In technology driven startups, India has moved up to third position with the US occupying the top position with more than 47,000 and the UK with over 4,500.
“India’s tech startups numbered around 4,200 up to 2015.”
The story was picked up by numerous Indian media outlets, including the Times of India, as the country took pride in its growing position as a leading startup center.
ASSOCHAM president Sunil Kanoria added, “The disruptive innovation in technology and process is creating newer Indian startups and foreign investors, including some of the well-known venture capital funds, are showing immense interest in these startups.”
The report will be welcomed after news last week that the economy in India was showing signs of slowing down.
India suffered significant economic slow down in 2016. GDP growth for 2015-2016 was forecast to be 6.8 per cent. This was down from 7.2 per cent in the 2014-2015 year.
Startup Beat reported that a number of startups had been forced to close, with Indian commenters blaming poor decisions and execution for stagnation in the country’s startup scene.