Demographic profile

Population: 1.428.627.663

Population Growth Rate: 0.81% (2022)

Languages: Hindi, English and at least 20 other official languages

Literacy: Total population 77.7%

Economic statistics

Gross domestic product (GDP): $3,469 trillion (2022)

GDP real growth rate: 6.8% (2022)

GDP per capita: $2.466 (2022)

Unemployment rate: 7.14% (Jan 2023)

Inflation rate (CPI): 6.52% (Jan 2023)

Why companies choose India as their next market:

A POOL OF OPPORTUNITIES FOR EUROPEAN TECH COMPANIES

• India is one of the top GHG (greenhouse gas) emitters in the world and must transition to a paradigm that de-links greenhouse gas emissions from economic growth

• Sustainability is a growing sector in India present on many corporate agenda’s and with support from the government.

• The main focuses are Mobility (Electric Vehicles & Charging), Energy Storage Systems, Agriculture, Manufacturing (Smart & Green), Decarbonization Technologies, Waste management, Sanitation & Water.

• Too many people in India still lack access to clean water, clean air and reliable energy.

• Collaborating with Corporates in India provides global opportunities beyond local market adoption.

• The healthcare industry in India is growing at a tremendous rate and more than $ 200 billion is expected to be spent on medical infrastructure by 2024.

• Healthcare has become one of India’s largest sectors in terms of income and employment, expected to reach 306 bn Eur by 2024 and to create 40 million jobs by 2030.

• The booming pharmaceutical sector is innovating and distributing life-saving medicines at the most affordable cost around the world. Valued at over US$35 billion a year, the pharmaceutical industry in India is the largest producer of generic medicines worldwide.

• India is also among the main biotechnology destinations in the world and is a leader in the global supply of DPT, BCG and measles vaccines.

• By 2024, the Indian Biotechnology industry is expected to reach 123 bn Eur from 51.5 bn Eur in 2020.

• By 2024, India is expected to have over 10,000 biotech startups (from the 3,475 in 2021) with a 19% contribution to the global biotech industry.

• Sectors like Power (24%), Highways (18%), Urban (17%) and Railways (12%) total about 71% of the projected infrastructure investments in India.

• India has the second-largest road network in the world, the world’s largest railway network in terms of passenger traffic and the fourth largest railway system, behind only the US, Russia and China.

• Currently, about 800 billion tons/km of freight and 2300 billion passenger/km are being handled by the Indian transport system, with the total transport demand growing at around 10 % a year in the last 10 years.

• The growing mobility market is expected to touch $90 billion by 2030. Taxi cluster revenue in India is expected to exceed $61 billion to date, transport revenue is expected to reach US$ 43.3 billion by 2025.

• India has 35 of the 50 most polluted cities in the world and Indian cities face one of the worlds highest levels of traffic congestion.

• In India, the logistics market is expected to reach around $255 billion by 2022, growing at a CAGR of 10.5% between 2019 & 2025.

• The parcel delivery market is not only large but dynamic, with growth rates ranging from 300% in developing markets like India.

• In the last few decades, India has evolved from the world’s center of IT outsourcing, services and business processes, to a major center of R&D, with more than 1200 global multinationals establishing their R&D centers in the country.

• The Indian startup ecosystem has gained a lot from actions such as the Atal Innovation Mission and the Department of Science and Technology led by Startup India and Niti Aayog.

• DeepTech solutions can form the foundation for future industries that emerging markets, such as India, need and require. Leveraging what these solutions offer to boost growth in some specific sectors is no longer an option but an undeniable need.

• India has countless opportunities and many initiatives to discover, promote and invest in startups applying Deep Tech to create solutions across sectors, as well as those applying next-gen technology that can address deep and complex challenges of inclusion and livelihoods in the country.

• Facing challenges when it comes to food, energy, water, healthcare, education and national security, deep technology that solves real-life problems in these areas represents a growing need in the country.

• Concerns around data localization are also genuine and growing, and one way to address this is to create an environment that allows Indian deep tech companies to flourish.

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• The 3rd largest startup ecosystem in the world.

• More than 100 unicorns.

• India has the third-largest group of scientists and technicians in the world.

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AN OUTSTANDING STARTUP ECOSYSTEM

• 7 million college graduates per year - 55% of the youth prefer working in startups over corporates (as per a youth of the nation survey of 150K young Indians). The median age of founders is 31 years.

• Bangalore is among the top 20 Global Start-up Ecosystems and is also ranked as one of the world’s five fastest growing startup cities. Delhi is among the top 40 Global Start-up Ecosystems.

• A growing presence of investors that have poured in about $9.3 billion into Indian startups in 2020 despite the Covid-19 pandemic upending many sectors of the economy.

• The ecosystem itself is supported by a growing number of funds, angels, and support organizations such as incubators, accelerators, event platforms and academic programmes.

• The Government has recognized the role of startups in propelling the economy forward and has launched several programs to help cultivate the ecosystem and boost entrepreneurship.

UNFAIR ADVANTAGES

• One of the fastest-growing economies in the world. IMF projects a growth of 6.1% for the Indian economy in FY 2023/24. Way above the global average. India is providing about 15% of global growth in 2023

• One of the fastest-growing workforces in the world, estimated to become the world’s largest by 2025.

• A very young population - half of its population is below the age of 25 and more than 65% are below the age of 35.

• Stable Government – With a longstanding parliamentary democracy, liberal economic policies and incentive plans, India is a safer destination than other emerging markets.

• The Indian middle class is more than 350 million people. It will continue to drive India’s consumer spending and economic growth.

• India is expected to be the third largest consumer economy by 2025, according to a Boston Consulting Group (BCG) report.

• The world’s second-largest internet consumer market (second only to China): with over 740 million internet subscribers.

• High-speed and low cost mobile internet - available at just US$0.26/GB compared to US$12.37/GB in the US and US$9.89/GB in China.

• The third-largest higher education system in the world.

• Low cost of living - Low Operational Costs.

• English as one of the official languages.

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The original EU-India Innocenter project received funding from the European Union's Horizon 2020
Coordination and Support Action Program under Grant Agreement No. 101004815 and was created with love by: