The Associated Chambers of Commerce of India (ASSOCHAM), in association with Thought Arbitage Research Institute, says that India with 4,200 such startups that began in 2015, has become the third largest tech-start up hub in the world. The first and second positions were acquired by the United States and United Kingdom, respectively.
India, along with China, was ranked among the top five hubs for both tech and non-tech startups, while the United States, with 83,000 start-ups, stood first in both the overall list as well as in terms of tech startups alone. The study recommended that synergising ‘Startup India’ with ‘Make-in-India’ and “Digital India’ initiatives, has the potential to expand the domestic ecosystem for new entrepreneurs. It also suggested tax exemption for research and experimentation to encourage fresh ideas.
According to the study, Bengaluru has the highest number of tech startups in the country, 26% of the country's share of tech startups, followed by the Delhi-National Capital Region (NCR) has 23% of them and Mumbai, has 17% in India.
Importantly, the ASSOCHAM is one of the apex trade associations of India. The organisation represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives. The goal of this organisation is to promote both domestic and international trade and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
Another report from ASSOCHAM claims that Karnataka attracts almost 25% of the total investment in the country's IT sector