India's startup ecosystem is poised for promising growth as the country works toward boosting economic growth and entrepreneurship — but more jobs are needed to combat high levels of unemployment.
India's unemployment rate rose to 8.1% in April compared to 7.4% the previous month, according to the Centre for Monitoring Indian Economy.
The number of startups in India jumped 37% in April compared to a year ago, leading to a 14% increase in the number of jobs from startups, latest employment trends data from Foundit showed.
The report highlighted that the IT services sector had that most job opportunities, and more than 50% of new startup jobs were catered toward fresh university graduates.
While India's push to be self-sufficient in manufacturing and IT is giving young people more career routes and choices, more needs to be done to combat India's high youth unemployment, Garisa said.
Persons:
Chandra Garisa, Garisa
Organizations:
Centre, Monitoring, CNBC
Locations:
India, Foundit