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Former Infosys director T.V. Mohandas Pai says a majority of these would fail and that only 10 per cent of these new-age companies will be successful while – Pai voiced his opinion even as the startup ecosystem is thriving in India. Currently India has 18,000 startups valued at USD 75 billion, employing 300,000 people. A recent report by IT industry body Nasscom had said that India ranks third among global startup ecosystems with more than 4,200 new-age companies. "Three to four startups being born every day, and nearly five billion dollars of funding coming in 2015," it said. Here are top 10 points to note:
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1. T.V. Mohandas Pai: About 10 per cent of the startups will do very well, about 25 per cent will stay afloat, and the rest will fail. (Financial Express illustration)
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2. T.V. Mohandas Pai: Startups are set to emerge as a major job creator in the country if government evolves an enabling policy environment for these budding firms. I am optimistic about 'startup value – not valuations'. (Financial Express illustration)
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3. T.V. Mohandas Pai: Digital India is the biggest experiment that will transform India if Modi gets it right. (Financial Express illustration)
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4. T.V. Mohandas Pai: If PM Narendra Modi's Digital India initiative takes wings, the startup ecosystem will thrive with over 1 lakh new-age firms in next 10 years, employing 3.5 million people and targeting a value of $500 billion. (Financial Express illustration)
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5. T.V. Mohandas Pai: For that, Children in class 6 and above should have a tab connecting them to the Internet with 3G and most Indians should be connected with wireless devices. If his happens, it will transform the country in the next 15 years. (Financial Express illustration)
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6. T.V. Mohandas Pai: On the back of right policies, the startups could grow over five-fold in number in the next 10 years, and will target a value of over $500 billion. The country will be a $10 trillion economy by 2030, and the huge growth can be driven by entrepreneurship. (Financial Express illustration)
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7. T.V. Mohandas Pai: Once a startup fails it remains in limbo as the bankruptcy code is still underdeveloped. We can't kill companies. It takes a long time. (Financial Express illustration)
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8. T.V. Mohandas Pai: Government must come up with a detailed startup policy. We are working with various state governments, including Rajasthan, Karnataka and West Bengal, that are unveiling their own startup policies. (Financial Express illustration)
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9. Start-up India: PM Narendra Modi said the objective of compliance regime based on self certification is to reduce the regulatory burden on start-ups. This self-certification will apply to laws like payment of gratuity, contract labour, employees provident fund, water and air pollution acts.
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10. T.V. Mohandas Pai: In the IT industry Indian firms were solving problems of the US and Europe, however startups can solve the problems the domestic industry. What India needs is hundreds and thousands of problem solvers, who can add value. (Thinkstock Photo)
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