India is considered as the third largest host to a number of tech startup companies in the world. The top two positions belong to the United States and the United Kingdom respectively.
According to a study made by Assocham, in collaboration with Thought Arbitrage Research Institute, Bengaluru receives the biggest share of technology startups in India, where next are Delhi NCR and Mumbai. Other cities that aroused the interest of developing tech entrepreneurs include Chennai and Hyderabad, Business Today reported.
As per the report, tech startups in India counted almost 4,200 up to 2015. In regards to total statistics startups which consist of both tech and non-tech areas, India is among the five biggest hosts globally along with China. It has 10,000 startups while the US filling the top position with 83,000 startups.
"The disruptive innovation in technology and process is creating newer Indian startups and foreign investors, including some of the well-known venture capital funds, are showing immense interest in these startups," Assocham President Sunil Kanoria said.
ASSOCHAM or Associated Chambers of Commerce and Industry of India is one of the zenith trade associations of the country. It stands for India's trade interests and commerce and serves as the network between government, industry and other relevant investors on policy concerns and initiatives.
The organization aims to promote trade on local and international and decrease trade barriers whilst watching over a favorable place for the growth of India's trade and industry. The government of India commissioned the organization to recommend business visa, certify commercial invoices, and issue Certificates of Origin.
The study favored the combined effect of "Digital India", "Make in India" and "Startup India" has the capability of stretching Indian ecosystem for the new businesspeople. It also counseled tax exemption for study and experimentation to stimulate fresh ideas without the scare of losing, according to The Times of India.
The cognizance that a startup is a means of fast growth through technological interference and innovation has to diffuse throughout the economy.