New Delhi: Digitization has given impetus to the startup ecosystem in India and IPOs will drive the startup revolution of the country. Niti Aayog CEO Amitabh Kant said on Friday.
while addressing a virtual event organized by Innovation Venture & Entrepreneurship In India Network (IVEIN), Kant said that among the 17 economies, India has emerged as the second fastest in terms of digitization.
“IPOs will drive our start-up revolution. Indian start-ups will raise money from the Indian public in Indian markets.
“This is a truly Atmanirbhar Bharat. Digitization has given impetus to the start-up ecosystem in India,” he said.
His remarks come on a day when Zomato made a stellar debut in the stock markets on Friday as its shares rose nearly 66 per cent against the issue price of Rs 76.
Its initial public offering (IPO) ended last week with 38x subscriptions.
Kant said the ability to rapidly implement and scale up programs in local languages is critical to reaching 1.3 billion citizens in a country as large and diverse as India.
“Start-ups should leverage technology for social good. The pandemic has provided an opportunity for this,” he said.
According to Kant, the intersection of e-commerce and internet has created business opportunities.
Developing world-class technology products requires input from AI, he said, adding that “our curriculum needs to be redesigned to produce world-class AI scientists and designers”.
Kant also said that failure is an integral part of the startup movement and every parent and every investor in India needs to understand this.
He was quick to add that nowhere in the world would startups get the size and scale of data as they do in India.
“Data sets provide an opportunity to use AI and ml in many sectors like health, agriculture and education,” he observed.
Speaking at the event, Infosys co-founder Kris Gopalakrishnan called for a significant increase in investment in research.
“We also need a category of investors – HNIs with deep pockets – who do not have a time horizon. They need to irrigate deep technology,” he said.
Using the example of the Department of Biotechnology, Gopalakrishnan said that they have done a phenomenal job in seeding startups especially during the pandemic.
“Not for profit doesn’t mean you won’t make profit. These entities should be run and maintained with financial discipline,” he said.
while addressing a virtual event organized by Innovation Venture & Entrepreneurship In India Network (IVEIN), Kant said that among the 17 economies, India has emerged as the second fastest in terms of digitization.
“IPOs will drive our start-up revolution. Indian start-ups will raise money from the Indian public in Indian markets.
“This is a truly Atmanirbhar Bharat. Digitization has given impetus to the start-up ecosystem in India,” he said.
His remarks come on a day when Zomato made a stellar debut in the stock markets on Friday as its shares rose nearly 66 per cent against the issue price of Rs 76.
Its initial public offering (IPO) ended last week with 38x subscriptions.
Kant said the ability to rapidly implement and scale up programs in local languages is critical to reaching 1.3 billion citizens in a country as large and diverse as India.
“Start-ups should leverage technology for social good. The pandemic has provided an opportunity for this,” he said.
According to Kant, the intersection of e-commerce and internet has created business opportunities.
Developing world-class technology products requires input from AI, he said, adding that “our curriculum needs to be redesigned to produce world-class AI scientists and designers”.
Kant also said that failure is an integral part of the startup movement and every parent and every investor in India needs to understand this.
He was quick to add that nowhere in the world would startups get the size and scale of data as they do in India.
“Data sets provide an opportunity to use AI and ml in many sectors like health, agriculture and education,” he observed.
Speaking at the event, Infosys co-founder Kris Gopalakrishnan called for a significant increase in investment in research.
“We also need a category of investors – HNIs with deep pockets – who do not have a time horizon. They need to irrigate deep technology,” he said.
Using the example of the Department of Biotechnology, Gopalakrishnan said that they have done a phenomenal job in seeding startups especially during the pandemic.
“Not for profit doesn’t mean you won’t make profit. These entities should be run and maintained with financial discipline,” he said.
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