India: the fastest growing business ecosystem

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Nirmala Seetharaman, the Finance Minister of India, brings cracking news to the global market and investors in India and across the world in the roundtable meeting organized by industry chamber FICCI and the US-India Strategic Partnership Forum.

She visited Washington DC to participate in the annual meeting of the World Bank and the International Monetary Fund.

According to her statement, the global supply chain has played a fundamental role in pushing the frontiers of the Indian economic sector. With the onset of coronavirus, the global supply chains were disorganized as countries were under lockdown. But it has returned with power and strength to be more agile and resilient to meet future disruptions.

She says that India is growing as the business hub for all the investors and industry stakeholders. At the conference, she met the top capitalists and investors of the country. Ajay Banga, the Mastercard Executive Chairman, shared that India is on a great pathway and trajectory and added he is impressed by the production-linked incentives that aimed to develop labor-intensive industries.

It is a step toward Atmanirbhar BharatSelf-Reliant India. The scheme encourages local businesses to expand their productions and reduce the country from relying on imports from other countries. Michael Miebach, CEO of Mastercard, said that Mastercard would continue to invest in India.

Startups have become new business models that have grown tremendously with raising money through capital markets. They try to incorporate human inventiveness, experience, and technological revolution to furnish excellent outcomes and build trust. India has almost sixty unicorn startups as of now.

In 2021 alone, India recognized many startups as unicorns. Some of the unicorns included in this year are groceries platform Grofers, cryptocurrency exchange CoinDCX, gaming platform Mobile Premier League, and fintech platform BharatPe. Thirty-three startups have already joined the unicorn club in 2021, such as Digit Insurance, Meesho, Innovaccer, Growwetc. The top industry leaders stated that the last decade 2011-2020, has turned into ‘a decade of unicorns’ for India. 

Digitization in India is one fundamental cause that leveraged business communications. It has transformed business enterprises into an innovative level. Digitization of services brought reach, transparency, comfortability, and advancement. During the coronavirus pandemic, the process of digitization was instrumental in accessing people living in remote locations and curfew areas.

India, in the 21st century, is evolving as a fertile ground that suits diverse business ecosystems like startups, supply chain movements. It’s becoming a faster-growing economy and a suitable destination for multinational companies to grow their operations globally.

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