Prime Minister Narendra Modi’s visit to Silicon Valley is expected to give a fillip to the startup ecosystem, especially in the technology space, where numbers have risen from 480 in 2010 to 805 in 2014. India is the fourth-largest globally in terms of startups and the government is setting up a R10,000-crore startup fund. This will encourage young entrepreneurs to participate in the startup revolution and create employment opportunities, especially in remote areas.
The US is the largest market for Indian IT exports. The industry has created over 4 lakh jobs in the US through its operations. A Nasscom report points out that, between FY11 and FY13, the Indian tech industry has invested $2 billion in the US, paid over $20 billion in taxes and another $6.6 billion by way of social security contributions between FY11 and FY15. A healthy bilateral relationship between India and the US will encourage technology startups and benefit both countries. At present, 10 of the top 15 technology firms operating in India are US owned and the momentum would increase with new opportunities.