Why are Indian Startups imploding?

Indians have rightly been proud of the dynamism of our startups. Various government programs — Digital India, Startup India — are supposed to have energized the sector. Senior officials have insisted that “visionary and astute leadership” have “turned India into the [world’s] third-largest startup ecosystem.” Prime Minister Narendra Modi has himself said that “startups are going to be the backbone of New India” and even formally designated a “national startup day.” (January 16, for all those who celebrate.)