The landscape of India’s startup ecosystem has witnessed a profound evolution, owing to the catalytic role played by digital public infrastructure. Addressing the annual general meeting and convention of FICCI (Federation of Indian Chambers of Commerce and Industry), several industry stalwarts shared valuable insights into the burgeoning growth and potential of Indian startups, emphasizing the pivotal role of research and development along with the support of the government.
The great advancement witnessed in research and development in India was brought by the brilliant founder of Info Edge India Ltd, Sanjeev Bikhchandani. He observed a significant difference than it was decades ago which contributed that development to increased numbers of startup IPOs especially in the Delhi-NCR area. It proves a powerful innovative and an entrepreneurial thrust, existing within the nation.
Bikhchandani highlighted that support is required from the government to offer potential buying clients, especially in fields such as military equipment and air traffic drones. He underscored the fact that with the government being the main customer in those spheres, it could considerably contribute to the upward curve for start-ups if it created an appropriate market environment.
As a matter of coincidence, Ghazal Alagh, the co-founder of Mamaearth (Honasa Consumer Pvt Ltd) reiterated the fact that the Indian startup landscape was now taking the side of entrepreneurs. The progression is driven in an enabling environment for innovative ideas and business development, which fosters growth of businesses in different industries.
To this effect, Rohit Bansal, The co-founder of titan capital and ace vector group also emphasized on putting in place mechanisms that will lead us to a situation whereby both public and private firms compete neutrally, especially on taxations. It is essential to establish equilibrium among these forces as this will help in creating a conducive atmosphere whereby growth of startups, innovations and competitiveness in developed countries increases.
Neel Mehta, the Director and Co-founder of Asteria Aerospace Ltd, shed light on the sectors reaping significant benefits from Deep Tech. Industries such as defence, space, AI/ML, and biotech stand out as key beneficiaries of advancements in Deep Tech. These sectors leverage cutting-edge technologies to drive innovation, making substantial strides in solving complex challenges and driving growth in the startup landscape.
The collective insights from these industry leaders underscore the critical role played by digital public infrastructure in propelling the growth of Indian startups. As the startup ecosystem continues to evolve, the convergence of innovative technologies, supportive government initiatives, and a conducive regulatory environment will further galvanize the entrepreneurial landscape in India.
In conclusion, the dynamic perspectives shared at the FICCI annual general meeting reinforce the significance of research and development, government support, equitable policies, and the transformative potential of Deep Tech across diverse sectors. These insights herald a promising future for Indian startups, painting a picture of sustained growth and innovation in the country’s entrepreneurial ecosystem.
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