What is the News?
The Alliance of Digital India Foundation(ADIF) plans to rank India’s startup ecosystem among the Top 3 globally by 2030, with a focus on finding the right policy framework to drive growth.
India’s Startup Ecosystem:
India is the third-largest startup ecosystem in the world after the US and China in terms of size. The US tops the list with 396 unicorns, while China is at the second position with 277 unicorns.
Over the last year, India has added three unicorns every month taking the total count to 51. However, India stands at the 20th spot among the top 100 countries that have been ranked in the Global Startup Ecosystem Index 2021 by Startup Blink.
Note: A privately held startup company valued at over $1 billion is called a unicorn.
Problems faced by Indian Startups:
Google has proposed to charge a fee of up to 30% on revenue earned by apps through its Play store in line with Apple’s App store policy.
But since most of the apps and startups in India don’t have high margins, therefore, this is creating a major problem for Startups in India.
Source: This post is based on the article “ADIF aims to rank India startup ecosystem in Top 3 globally by 2030” published in Livemint on 3rd September 2021.