India’s GDP grew by 8.7 percent during the fiscal year to March 2022, the fastest growth among the world’s major economies, which indicates a new window of opportunity is swinging open. The country hopes to become the world’s third-largest economy with its GDP hitting US$10 trillion by 2030 and a shift in focus from the service industry to manufacturing, in particular smart phones and auto-mobile industries. In 2015, in the wake of Indian Prime Minister Narendra Modi’s Startup Initiative, the country financed the manufacturing, agricultural, healthcare and educational sectors to the tune of 100 billion rupees (US$1.26b) to boost the economy and create jobs. In 2021, 44 more unicorns started up in India with venture capital peaking at US$28.5 billion. But with capricious policies, many high-tech firms, including Chinese-funded ones, are reluctant to launch in the market, where the boom in startups is believed to have been boosted by the hedging strategy of US dollar funds.
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