India has a population of 1.3 billion and is presently looking to create 10 million jobs every year. Global data which is available provides information that large enterprises are not able to create new jobs in any country but it is the start-ups which are at the forefront of job creation. Start-ups have also assumed the role of being centres of innovation while also being a great way of enhancing employment creation within the economy.
As a country, India has lagged behind other nations even as it forged ahead in population growth. For obvious reasons, the political class of the country ignored the possibility of creating jobs despite several opportunities existing within the economy. It has now become the responsibility of new start-ups to venture into areas of the economy that had hitherto not received attention from the governing class.
What looks most promising?
What are the areas of economy good for start-ups? Start-ups that are prepared to innovate and bring in new technology will have endless opportunities in the country. They can easily take advantage of the current scenario where the economy is booming and is considered as one of the best in the world. A prime example of a start-up creating jobs and also generating a huge amount of revenue is that of PayTM which established its operations just a short time ago and is already generating revenues in excess of billions in the local currency while also providing jobs to the technology educated.
Manufacturing and retail
India is presently going through vast changes in the financial and manufacturing sector. The present government of the country is willing to offer start-ups the financing they need to begin operations with the ideas they may have in mind. However, an emphasis has been placed on creating jobs in the financial sector as well as the retail segment. Unlike earlier the present government has introduced changes which allow the retail segment to function beyond the timings that were earlier specified. Start-ups that are willing to invest in the retail segment and function according to the newly created regulations will be in a position to create employment opportunities. This is simply because although changes have been made to the way the retail segment can function the labour laws governing the country have remained the same and employees are still required only to work eight hours every day. If the retail segment intends to function 24 x 7 but only has employees that can work eight hours it is inevitable for them to employ additional staff and make a contribution to the creation of jobs within the country.
Technology and small business
Start-ups that are interested in technology and are in the business of creating apps can also consider hosting apps that lots of people will download. However, it is unlikely for people spending time while playing casino games to be interested in contributing to the economy in any manner because they would be more interested in their wins or losses. The creators of the app may perhaps also employ a few individuals during the initial stages of the creation.
Start-ups that are interested in selling bottled water can also make a significant contribution to the economy. They just need to find the resources to bottle the water and have a list of distributors that will be able to market the products. Indians are not accustomed to searching for bottled water from groceries and shops because it is often been distributed by individuals who approach those that are searching for the same. This method not just creates employment but also leads to the development of entrepreneurs that look forward to selling bottled water in return for a small margin.
The kind of opportunities available in India is vast and start-ups are advised to conduct some research to understand the areas of the economy that are best for their requirements.