In next 7-8 years in India, startups numbers will grow to more than a lakh and it will create jobs for 32 lakh people, said angel investor and former Infosys director T V Mohan Das Pai.
“By 2025, I believe that we will have 1,00,000 startups all over the country. They will create USD 500 billion of value and lot of money for investors. They will employ 3.25 million people,” Pai was quoted by PTI on the sidelines of Rajasthan Digifest.
Startups will help solve India’s problems in the future, he added. “Youngsters through the use of technology are solving hardcore challenges and I believe that innovation by young people will transform India,” Pai said to ET.
At present, there are around 32,000 startups out of which around 5000 are identified by the government.
Speaking at the two-day Rajasthan Digifest, which is aimed at providing a platform for entrepreneurs and startups to get more traction leading to funding, engagement and increasing the customer base.
Pai believes India has possibly got the third largest ecosystem for startups after the US and China. The impacts are visible in sectors including education, healthcare, education and e-commerce.
Earlier in 2016, he also warned that automation would take away jobs.
Pai on automation impact
According to him, middle-level managers account for 10 per cent – or 450,000 people – of the 4.5 million (45 lakh) strong IT industry in India. Half of them (2,25,000) would lose jobs over the next one decade as their work would get automated.
“There are today lots of people (middle-level managers) earning between Rs 30 lakh and Rs 70 lakh (per annum). Half of them will lose their jobs in the next ten years,” Pai said in an interview.
The new breed of IT engineers should have better skills and deep technical knowledge, adding, prospects for those having just a bachelors degree (B. Tech) are going to be less and less in IT, he said.
In 2015, according to data compiled by Singapore-based DealStreetAsia, Pai is India’s most prolific angel investor and have invested in nine firms.
