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1.14 Lakh Startups Create Over 12 Lakh Jobs in India

1.14 Lakh Startups Create Over 12 Lakh Jobs in India: Finance Ministry

India’s startup ecosystem is witnessing unprecedented growth. According to the Finance Ministry, over 1.14 lakh startups have generated more than 12 lakh (1.2 million) jobs in the country. This massive contribution to job creation in India highlights the importance of startups in fueling economic growth, innovation, and employment opportunities.

These startups are not only creating jobs but are also pioneering new green technologies and solutions to global challenges, such as climate change and carbon emissions. A growing trend among these startups is their focus on helping carbon dioxide (CO2) find a new life through carbon capture and carbon utilization technologies. This sustainable innovation is helping reduce the carbon footprint and transform CO2 into useful products like plastics, fuels, and other materials, making significant strides in India’s journey towards eco-friendly growth.

E-commerce Giants Like Udaan Play a Vital Role

Among the many players in the e-commerce industry in India, Udaan has become a prime example of how digital transformation is driving both business growth and job creation. Udaan connects small businesses to large markets, enabling them to scale and reach new customers, and significantly contributing to small business growth. Through its platform, Udaan streamlines the supply chain and opens up access to larger business networks, which in turn creates new employment opportunities in sectors such as logistics, technology, and customer service.

By fostering the growth of e-commerce startups, platforms like Udaan are shaping the future of the Indian digital economy, offering a glimpse into the future of online marketplaces and the vast potential they hold for job creation and business expansion.

A Vision for the Future: Sustainable Growth and Innovation

India’s startup revolution is not just about business growth; it’s also about creating a more inclusive, sustainable future. Startups are embracing green technologies, like carbon capture and utilization (CCU), which are helping the country take major strides in addressing environmental concerns. These technologies offer promising solutions to reduce carbon emissions and contribute to a cleaner environment, making India a leader in the global race toward sustainable development.

The growth of startups also aligns with the vision of a digital economy that promotes inclusive growth by creating job opportunities for people from all sectors. Eco-friendly innovations in India’s startups are not only focusing on business profits but are also significantly contributing to addressing global warming and building a greener future for the country.

Conclusion: Startups Driving India’s Economic Transformation

India’s startups, whether in the fields of e-commerce, sustainability, or technology, are creating new opportunities, advancing job creation, and contributing to economic growth. By embracing green innovations, these startups are making strides toward reducing India’s carbon footprint while building a future that prioritizes both environmental sustainability and economic prosperity.

The combination of carbon utilization technologies and the rapid growth of e-commerce platforms like Udaan is helping India move toward a more inclusive and sustainable future. This is just the beginning of India’s startup ecosystem revolution, where job creation, technological advancement, and environmental sustainability go hand in hand to shape a prosperous and eco-friendly future.

“Startups in India,” “Job Creation,” “Green Technologies,” “Sustainable Innovation,” “Carbon Capture,” “E-commerce Growth,” “Small Business Growth,” and “Eco-friendly Growth”.

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News

To Kick Start Growth In The Country, Strong Fiscal Policy Support Needed: EY India!

To Kick Start Growth In The Country, Strong Fiscal Policy Support Needed: EY India!
To Kick Start Growth In The Country, Strong Fiscal Policy Support Needed: EY India!

To kick-start growth in post-COVID India, strong fiscal policy support in the form of stimulus measures is required, according to EY India.

The consultancy`s June edition of Economy Watch stated that the health sector should be the primary focus of the fiscal stimulus package. According to the firm`s June edition, “This could ensure meeting the short-term healthcare demand arising from COVID’s Second Wave and a possible Third Wave besides supporting growth and employment in the economy.”

As per the report, the package should solely focus on income support measures for the vulnerable rural and urban population. It should also focus on making provisions for additional vaccination expenditure as the Central Government`s recent announcement for its commitment to finance 75 percent of the country`s total vaccine procurement.

Besides, the policy should also take care of any additional expenditure, which is directed mainly towards expanding health sector infrastructure.

“Together, these add to Rs 2.35 lakh crore of which around Rs 0.65 lakh crore can be accessed by the restructuring of budgeted expenditure on other heads leaving a balance of Rs 1.7 lakh crore which would constitute an additionally 0.8 percent point of GDP on the budgeted fiscal deficit of 6.7 percent of estimated GDP,” the report said.

“Thus, the fiscal deficit would need to be increased to 7.9 percent of GDP in FY22 to cover the revenue shortfall of 0.4 percent points and the expenditure additionally of 0.8 percent points of GDP,” it added.

The report said that although growth is projected at 8.3 percent in 2021 for India, this masks significant expected economic damage from COVID’s Second Wave.

A few days earlier even the National Council of Applied Economic Research (NCAER) said it expects the Indian economy to grow 11.5% in the June quarter and the range of 8.4-10.1% in FY22 over a negative base, calling for an expansionary fiscal policy to put the economy on a sustainable growth path.

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Business motivation

Gross Domestic Product: All You Need To Know About GDP And Its Dynamic Relationship With Business Cycles

Be honest and ask yourself a question – do you really understand what the abbreviation GDP is all about? If not, let us educate you on this topic. GDP stands for Gross Domestic Product and it is simply defined as the total number of goods and services that are produced by a country. GDP of a country is calculated over very specific timelines such as Quarter or Yearly. It is one of the most common indicators to figure or predict the health of a certain economy.

What Is The Role Of GDP?

GDP holds its importance and rightfully so as it helps the decision-makers and the central banks to assess if the economy is expanding or contracting to take the necessary actions required. GDP also helps the business sector and economists help understand the impact of a fiscal crisis on the economy and be prepared accordingly.

How Is GDP Calculated?

There are basically two approaches with the help of which you can calculate the GDP of an economy. These two approaches are known as the expenditure approach and the income approach.

In the expenditure approach, which is the most commonly used approach, the calculation is based on how much money has been spent by people that participate in the economy. The formula is GDP = C + G + I + NX where C stands for consumption, G stands for total government expenditures, I stands for the sum of a country’s investments, and NX stands for net exports.

Whereas, in the income approach, we use the formula GDP = Total National Income + Sales Taxes + Depreciation + Net Foreign Factor Income. 

What Is The Relationship Between GDP & Business Cycle?

All four phases of economic activities such as economic contraction, trough, expansion, and peak are referred to as business cycles. When an economy experiences some changes in the activities, the results reflect positively or negatively on GDP.

Economic Contraction

It is a phase where the demand for goods and services decreases or/and when the cost of raw materials increases. This results in less work, more layoffs, and an increased rate of unemployment. Even though the GDP, as a result, decreases in this phase, it still stays positive.

Economic Trough

This phase is an extreme and worrisome version of contraction where the unemployment rate is extremely alarming and the economic output experiences an all-time low. This is the time when an economy is either heading towards recession or already is in one with a negative GDP.

Economic Expansion

It is a phase where after going through the worst, the economy begins to grow. An economy is only said to be in an expansion mode when it experiences growth for 2-3 consecutive quarters as growth in just one quarter could be a temporary high, hence can’t be considered. In this phase due to more economic output, the GDP begins to increase.

Economy Peak

As the name suggests, it is a phase where the recovery reaches its peak and the GDP experiences a surge. But economists see this as a saturation point after which upward inflationary pressure and devaluation of the currency happens.

We hope we made this as easy and as fun as possible for you to understand the basics of GDP and how it affects the economy. Make yourself as aware and responsible as possible because our economy relies on participants like you who lay a solid foundation in the form of a healthy economy.