The Indian government’s slogans about Atmanirbhar Bharat as a new wool-wrapped avatar of Make In India may have had economists and critics crying foul. However, contrary to expectations, the economic slowdown and the series of lockdowns has sent the economy into a tailspin. While many startups are facing downtime, some others have positive stories to share in these dark and gloomy times
There are quite a few Indian start-ups that are growing well. These companies are registering rapid growth and setting a good example for other companies on how to fight with and survive in this lockdown period. A survey conducted in February 2020 reveals that many Indian start-ups had prioritized growth over profitability, but after the COVID 19 era, this strategy may be in for a change. This is because there is a growing fear among many companies that the after-effect of the pandemic may continue for the better part of this fiscal year on their overall sales.
“Rising numbers of new start-ups in India, entrepreneurs and venture capitalists are turbocharging the development of the top technology-driven start-up scene. According to a report by KPMG on the start-up ecosystem in India, the numbers have grown from 7,000 in 2008 to 50,000 in 2020. Now, that is encouraging news by any industry benchmark.
According to an industry expert, “many Indian start-ups are actively working with authorities at central, state, and district levels. During this COVID-19 pandemic, each state has its own set of issues to deal with. So many of them have turned to start-ups for their solutions, as we saw in the case of Kerala and other states in the early weeks of the pandemic.”
E-learning portals have quickly and effectively plugged the gaps in digital learning and these companies have seen monthly visits of 102.2 million and have shown an increase of 8.5 per cent E-pharmacy start-ups too are witnessing boom time.
What cannot be ignored is the role of HR in getting all these startups to scale new heights. So, HR has to adjust and evolve fast in keeping with these unpredictable times. This month’s theme is HR challenges and Solutions in the Start-up ecosystem. Do share your comments on our social media pages or write to us at editor@confluencehr.com