Look outside.

"According to a recent report by the World Bank and World Trade Organization (WTO), India has witnessed a significant increase in its share of global commercial services exports. The country's share has doubled from 2% in 2005 to 4.4% in 2022." Adda247. Unfortunately, inside India, startups have hit a roadblock. "There was no new unicorn in India in the first half of 2023 as startup funding plunged more than 70 percent in the January-June period from a year ago, signaling that the funding winter is here to stay as several top unicorns continue to face an economic downturn." Zee. "In the first quarter of this year, Indian startups raised a total of $2.8, massive 75 percent lower compared to the same period in the previous year ($11.9), as rising inflation and interest rates continue to impact investments significantly." "In business, a unicorn is a privately held startup company valued at over US$1 billion." wikipedia. The established companies are also feeling the pinch. "India's outsourcing giants are slashing hiring and getting projects done with existing workers, a rare pullback that could weigh on the economy and affect engineering students who have seen information technology as the sector of choice for decades." Reuters. "The IT sector accounts for about 8% of India's GDP versus less than 1% about 30 years back, according to Rishad Premji, the chairman of Wipro, one of the country's IT giants." "The dismal outlook is worrying many students as the IT sector typically absorbs 20-25% of the 1.5 million graduates every year in India." "IT services companies have been operating with a near perfect product-market fit, of the extent to which a product or service is addressing a real market need," wrote TN Hari. "Yet, in 2022, the collective valuation of the unicorns, or private  companies with a valuation of over one billion dollars, was roughly the same as the top 10 IT services companies." "Take the case of edtech company Byju's, one of India's most valuable startups. In 2020-21, the company's loss, at Rs 4,588 crore (Rs 45.88 billion) was twice its revenue. Yet, its valuation in 2022 was an incredible $22 billion." "Edtech giant Byju's creditors...have pulled out of talks to restructure a loan". BT. "Byju's offered to increase the coupon on loan due 2026 by around 300 basis points and prepay part of the debt to renegotiate the agreement after it missed a deadline to file audited financial results." US investment firm BlackRock slashed its valuation to $8.4 billion. "Audit firm Deloitte and three board members have exited Indian startup Byju's". ET. The listing price of the Paytm IPO was Rs 2,080-Rs 2,150. Groww. It fell to Rs 438.35 per share on 24 November 2022, but has climbed up to Rs 860 per share. "There is probably no VC funded unicorn in the current lot that is likely to stand the test of private valuation in a public market." And so, "If you hear the buzz, the Indian economy is the bright spot in a gloomy world. But if you look at its ratings, it's just managing to carry on." ET. That is because we Indians have very little money. Only what outsiders give.