AbstractIndia needs over 100 million job possibilities per year, with startups being the primary source of employment rather than established enterprises. The importance of startup entrepreneurship rests in its capacity to create innovative innovations, produce job opportunities, and promote competitive dynamics in the business world and among firms. The importance of startups in promoting economic growth is increasing in the modern world. Startups has an inherent advantage in their capacity to provide job prospects. Research conducted on a global scale suggests that startups are creating a larger number of job chances in our nation as compared to well-established organizations or enterprises.
The concept of a startup is now in its early stage. Therefore, the process of establishing itself would include several obstacles. The main challenges are budgetary limitations, insufficient strategic planning, recruitment of appropriate staff, the regulatory structure, and poor risk management. Despite facing several obstacles, entrepreneurs in India are making a valuable contribution to the socioeconomic advancement of the country. The Startup India project instills enthusiasm and optimism in both international investors and the young people of India. The aim of this study is to assess the influence of startups on the Indian economy. This research examines several textual sources, such as books, websites, journals, and other pertinent resources, to uncover the wide array of issues and hurdles faced by startups functioning in India.
Presently, several startups have used state-of-the-art technology such as Artificial Intelligence and Robotics. Presently, the bulk of large technology companies assign their tasks to small, innovative startups. Furthermore, it will improve the financial flexibility of entrepreneurs. Given the significance of the role that Indian startups play in contributing to the development of the Indian economy.