‘Consumerism in India is at an all-time high’ – 15 quotes of the week on India business shifts

From education to ecommerce, witness the business shifts in India through these quotes, excerpts and stories!

‘Consumerism in India is at an all-time high’ – 15 quotes of the week on India business shifts

Thursday February 23, 2023,

4 min Read

Launched in 2014, StoryBites is a weekly feature from YourStory, featuring notable quotable quotes in our articles of this past week (see the previous edition here). Share these 30 gems and insightts from the week of February 13-19 with your colleagues and networks, and check back to the original articles for more insightts. See our special compilation of quotes related to India’s pandemic responses here.

See also our pick of Top Quotes of 2022 on Entrepreneurship, Motivation, Investments, Women Changemakers, Social Entrepreneurs, Environmental Change, Pandemic Resilience, Digital Transformation, India Opportunities, Design, Art, Failure Lessons, and Storytelling.

From a graduate selling chai to an 80-year-old couple starting business, the top 10 SMB stories of 2022

India is already a $3.5 trillion economy, with $500 billion manufacturing. Another $300 billion will be agriculture and there are multiple reasons why this will further double and grow. - Sudipto Sannigraha, Matrix Partners India

The Smart and Advanced Manufacturing and Rapid Transformation Hubs (SAMARTH Udyog) are creating a conducive environment for digital transformation, growth, and skill development in the manufacturing Industry and SMEs. - Mahendra Nath Pandey, Minister of Heavy Industries

The government is also pushing for financial inclusion with the creation of the National Financial Information Registry credit growth. - Manvendra Prasad & Gouri Gupta

The motivation "to continue a family tradition" continues to be an important driver of entrepreneurship in India, with 69% of respondents agreeing to it. Another strong driver has been "To make a difference in the world" (81%). – GEM and NECI report

The improved quality of the entrepreneurship ecosystem is a reflection of both initiatives of the Indian government in supporting new businesses such as Make in India and Atal Innovation Mission, and a change in popular culture evident through the interest and celebration of entrepreneurship through television shows like Shark Tank India. - Sreevas Sahasranamam, Strathclyde Business School

Top 7 stories of startups turning around their fortunes

India has a large geography, availability of raw materials, cheap labour, stable democracy, and government push – this makes it a lucrative location. - Sudipto Sannigraha, Matrix Partners India

Ola will set up the world's largest EV hub with integrated two-wheeler, car, and Lithium cell Gigafactories in Tamil Nadu. - Bhavish Aggarwal, Ola

We need more scientists and inventors, and the best way to accomplish this is through proper STEM education. - Rajeev Tiwari, Stemrobo Technologies

Although India has over 26 lakh students and more than 45,000 colleges, there are hardly any apps that cater to the off-campus needs of students. - Anuja Patil, Unilife

We are witnessing more and more graduates who have completed bachelor’s programme but are unable to find employment. - Taran Singh, Melvano

India incurs food losses to the tune of $14 billion per year due to inefficiencies in the cold supply chain. The cloud kitchen segment also bears the brunt of these inefficiencies, both in the procurement of raw materials and the delivery of finished goods. - Swarup Bose, Celcius Logistics

In the Indian context, barriers to women entering the workforce include disparities in educational achievement, societal standards, constrictive institutional frameworks, and more. - Maheshwari Dhayanandan, e-con Systems

Indian women’s cricket has seen a tectonic shift with the Women’s Premier League. - Sania Mirza

India is well-positioned to localise maintenance services capabilities and provide cost-effective solutions given its large technical labour force, including uniquely qualified and highly trained technicians and industry capabilities. - Boeing

Top 15 startup stories of 2022

To bring an effective change into the healthcare system of India, we must focus more in fostering public-private partnerships. - Parameswaran Iyer, NITI Aayog

As of last year, only 9% of (internet users in) India were ordering food online, compared to China where it is multiple times this number. - Ashwani Basantani, Cloud Kitchen Exchange

Consumerism in India is at an all-time high, and there is a huge demand for aspirational products from the growing middle and upper middle class. - Pulkit Bansal, Anko India

YourStory has also published the pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups’ as a creative and motivational guide for innovators (downloadable as apps here: Apple, Android).