Startups have become the face of India’s entrepreneurial ecosystem, according to the president of National Academy of Sciences, Balram Bhargava. Looking at the Economic Survey 2022-23, it is clear that the number of startups has grown from 452 in 2016 to 84,012 in 2022, and they are driving a significant portion of job creation in India, having created 900,000 direct jobs. Additionally, a big percentage of this growth is emerging from Tier II and III cities, which are now home to 48 per cent of Indian startups. Health and biomedical research startups are playing a critical role in driving innovation in genomics and stem-cell research, reinventing healthcare services by using cloud computing and AI, streamlining telemedicine and revolutionizing drug discovery.
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