By Mohamed Zeeshan
September 11, 2015
Following up his “Make in India” clarion call last year, India’s Prime Minister Narendra Modi, in his Independence Day address this year, called upon the country’s youth to “Start Up India.” The idea was to spur an entrepreneurial revolution in India, aimed at creating jobs and innovation.
This might not seem like the right time for such a slogan. China’s currency devaluation and consequent stock market slide last month sent jitters across the global economy. The Indian rupee lost around 4 percent of its value and GDP growth estimates have been trimmed. But if India wants to build its own Silicon Valley, now is probably the right time. It has the population for it, with two-thirds of its people within the working-age bracket and producing a whopping 1.5 million engineering graduates annually. And with China’s economy slowing, much of the world’s hope for future economic growth now rests on countries like India. Per capita income is still at only $1600, compared to China’s $7600, leaving India with substantial room to grow further.