How India is Becoming a Hub for Startup Innovation
In this article, you will learn the reasons why India has become a major hub for start-ups around the world. And the advantages and disadvantages of developing your business there.
There is a stereotype about India in the world, that it is a backward and poor country. However, this opinion has nothing to do with reality. Today India is one of the fastest growing economies in the world, it can compete with every country of the globe.
India has become a startup hub in recent years, but why has it happened? It’s all about the population, prices, and economy. Each of these reasons will be explained in more detail below.
Characteristics of the Local Population
It is well known that India has the largest population in the world. It is currently over 1.4 billion people. It is one of the largest sales markets on our planet, but also India is one of the largest platform of human resources.
There is a very important fact that the majority of the population is middle-aged people. This is the group that most actively seeks to improve their standard of living and earn more money.
Right now, Indians can make money betting on sports. Since 2017, this activity became legal, although even before the population was engaged in betting, despite the ban. At this moment, it is possible to use various betting platforms, such as bettilt. Using it, people will be able to bet not only on the usual sports, but also on cyber sports events. To facilitate the betting process, you can download the bettilt apk.
Young Indians are more eager to get an education and become high-class professionals. And for large companies, the advantage is the relatively low pay for their job.
Caste and Standard of living
Although India has a very good level of GDP per capita, but the difference between the strata of society is huge. In recent years the number of rich people in this country has increased a lot, while the number of poor people has decreased, although not hugely.
For a long time now, India has had a law that prohibits caste-based discrimination. However, the situation in life is not so happy. Many people are still harassed because of their background. Such people are often eager to change their situation and are willing to work and study hard. For Indians, being educated is prestigious; it is a symbol of belonging to the upper classes.
But there are still a lot of Indians who want to earn more and live better. They can try to make money from sports events on bettilt. The Indian people can get a huge number of bonuses there, which will help them a lot to get even more money.
Active Digitalization and Modernization
India has the second largest population of Internet users in the world. Despite the fact that only half of Indians have access to the Internet, there are still a lot of them. For example, in 2021 the number of Internet users was about 850 million people, and by 2040 it is projected to reach 1.5 billion. All these people can actively develop in different directions, provide services and buy it.
In addition, access to the Internet gives users the opportunity to follow sports events and make money on them using online betting. Cricket is the most important one for many Indians, and they especially follow the Indian Premier League (IPL). You can bet on cricket and many other sports disciplines on the bettilt app.
Experts predict that by 2025 the number of smart TVs in use will reach 50 million. The content that Indians will consume will mainly consist of games, social networks and short videos.
The Indian mobile gaming industry is also expected to grow by 113% and increase its user base by 51% by 2025. Casual sports, online betting, online fantasy sports and cybersports will continue to gain momentum. This is due to the natural gambling of Indians and their desire to make money. Already part of the population is using the bettilt app to bet on sports through a mobile.
Peculiarities of Prices
Prices in India are often much lower than in Europe or the United States. For example, a very important indicator is the cost of the Internet, it is equal to $0,26 for 1 GB, it is 45 times cheaper than in the USA.
Wages for local workers are also cheaper than in many other countries. And the most important thing for startups is benefits. There are conditions that allow new companies to be exempt from income tax for three years. This is a very advantageous offer.
But the downside is high taxes in the future. Income tax in India has a progressive rate from 5% to 30%. The untaxed amount is up to $3.4 thousand. If the annual income exceeds $134.6 thousand, you will have to pay an additional 15%.
The Indian Economy
Over the past 40 years, India’s economy has developed quite rapidly. GDP growth was about 5-8% annually, and there was not a single recession until 2020. In addition, India is a country with a small amount of debt. Consequently, it has a great potential for development by attracting foreign debt money.
Some experts believe that India could become the world’s second largest economy in the next 25 years.
All of these factors have attracted and continue to attract investors to Indian startups. More than $14 billion was invested in 2019, rising to $63 billion in 2020.
India is a very attractive country for startups. A developing economy, low wages, a huge number of professionals in various fields, and a tax exemption for three years. These are some of the most attractive conditions in the world.
Of course, there are also disadvantages, such as peculiarities of mentality, high income tax, caste-based population and bureaucracy. However, there are more advantages, which is why India has become the hu of startups in the world in recent years.