India's growing startup ecosystem benefits Bhutan: Report
Mar 08, 2023
Thimphu [Bhutan], March 8 : India's growing startup ecosystem benefits Bhutan as it will provide more opportunities for budding entrepreneurs to learn from experienced business people through the Bhutan-India Startup Summit, The Bhutan Live reported.
In recent years, the Indian government has been actively engaging with Bhutan to connect the startup ecosystems of the two countries. In the last week of February 2020, the Indian Embassy organized the first-ever Bhutan-India Startup Summit in Thimphu.
Flowing the successful Startup Summit, there have been a number of collaborative initiatives including capacity-building programmes for Bhutanese entrepreneurs as well as a feasibility study to establish an entrepreneurship development centre in Bhutan.
India is working on several more initiatives for collaboration between the Government of Karnataka and the Royal Government of Bhutan in Artificial Intelligence, the Internet of Things, Machine Learning and Robotics, etc.
India remains a steadfast development partner of Bhutan across all sectors including such new and emerging areas of startups and technology.
The Indian government recently announced that it is going to help Bhutan build its third international gateway. India-Bhutan startup summits keep taking place from time to time, where experts mentor startup enthusiasts.
According to The Bhutan Live, India's startup ecosystem has come a long way from 2014, registering just 400 to 85,000 in 2022.
The start-ups have been a boon to the Indian economy. Start-ups are centres of novel innovations which will generate jobs, which means more career opportunities; more employment leads to a stronger economy. When a start-up creates jobs for locals, they also invest in goods and services, increasing the influx of cash and revenue to the government.
Many MNCs have their eyes on India. In order to focus on their core competencies, they are outsourcing their tasks to small businesses. The figures also showed that the Indian GDP is expected to grow by 6.9 per cent in the fiscal year (FY) 2022-23.
With its Startup-20 Engagement Group initiative, India is aspiring others to create the global narrative to support the startups and enable synergies between startups, corporates, investors, innovation agencies and other key stakeholders, reported The Bhutan Live.
