NEW DELHI: Startups will play an important role in helping India become the third largest economy in the world, Chief Economic Advisor (CEA) to the Union government V Anantha Nageswaran has said.

Nageswaran said that tier-2 and 3 cities, including Kerala’s capital, have become game-changers in helping startups flourish in the country due to improvements in infrastructure and supportive policies of the government, according to a KSUM release.

The CEA, during his Leadership Talk on the concluding day of the Huddle Global 2023 organised by the Kerala Startup Mission (KSUM), said that India was the fifth largest economy on course to become the third largest in a few years.

“In fact, I will say 7-in-7 is the buzz slogan, that is $7 trillion economy in seven years. Seven trillion USD economy size by 2030 is possible if India maintains its present growth trajectory, and in that journey startup entrepreneurs are going to play an important role,” he is quoted as having said in the release.

He was of the view that the active participation of startups in India in developing business models on the foundation of expanding physical and digital infrastructure will continue to generate efficiency, revenue and economic returns for the country.

“The last decade has seen an exceptional transformation in the startup landscape in India, which has emerged as the third largest ecosystem globally, with over 1.12 lakh startups presently recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) across 763 districts.