India Emerging as the ‘Startup Nation’ of the World: WEF President 

Børge Brende, the President and CEO of the World Economic Forum (WEF), has declared India the "Startup Nation" of the world, citing its remarkable entrepreneurial growth and innovation. With a staggering 140,000 startups and more than 100 unicorns, India's startup ecosystem is now the third largest globally.

“There’s like a new unicorn every 20th day or something. This is the core of what can in the future become the large companies of the world,” Brende remarked, emphasizing the transformative potential of India’s entrepreneurial wave.

Børge Brende, the President and CEO of the World Economic Forum (WEF) compared this entrepreneurial surge to the transformative Silicon Valley boom, which gave rise to tech behemoths like Google. He praised India's vibrant startup ecosystem, contrasting it with economies that depend heavily on large, policy-driven industries.

Youthful Demographics and Digital Knowledge Drive India's Growth

India's youthful population and its vast pool of digital talent have been pivotal in this journey. The country is home to numerous Global Capability Centers (GCCs), which are integral to its service-led export growth.

“The young population is something that works for India,” Brende noted, adding that these strengths have allowed the nation to retain its position as the fastest-growing large economy, despite recent moderation in growth rates.

Manufacturing Sector: ‘Make in India’ and Diversified Supply Chains

India’s manufacturing sector is rapidly advancing, supported by initiatives like "Make in India" and the global shift towards diversified supply chains. Multinational companies like Apple have significantly ramped up their manufacturing activities in India.

“Who would have thought that Apple was going to build iPhones for $10 billion in India this year when there was almost none manufactured just five years ago?” Brende said.

The nation’s competitive advantages, such as a young, English-speaking workforce and continually improving infrastructure, are drawing global manufacturers. Despite these achievements, Brende underscored the importance of reliable electricity and competitive energy pricing to sustain the sector’s growth trajectory.

India’s Edge: Services and Digital Trade

While the manufacturing sector continues to grow, Brende believes India’s true strength lies in its services and digital trade sectors, areas where the country maintains an unparalleled advantage.

“Where the demand is really increasing is on services and digital trade, and there India has a comparative advantage,” he noted.

Additionally, pharmaceuticals have emerged as a promising segment within manufacturing, showcasing India's robust capabilities and potential for expansion.

Conclusion

India's transformation into the "Startup Nation" of the world is a testament to its dynamic entrepreneurial ecosystem, robust digital knowledge base, and young, talented population. As highlighted by WEF President Børge Brende, the nation’s startups are not just contributing to economic growth but are poised to evolve into global giants, much like the companies that emerged from Silicon Valley.

While manufacturing, fueled by initiatives like "Make in India," continues to gain momentum, India's unparalleled strength in services and digital trade remains a significant driver of its economic prowess. However, for sustained growth, addressing challenges such as energy costs and infrastructure is imperative.

With its thriving startups, strong manufacturing base, and dominance in services, India is well-positioned to maintain its trajectory as the fastest-growing large economy in the years ahead, solidifying its place as a global economic leader.