IPOs to drive the startup revolution in India: NITI Aayog CEO
Digitization has given India’s startup ecosystem a boost and IPOs will fuel the country’s startup revolution, said Niti Aayog CEO Amitabh Kant on Friday.
At a virtual event organized by the Innovation Venturing and Entrepreneurship in India Network (iVEIN), Kant said India is the second fastest in digitization out of 17 economies.
“IPOs will drive our start-up revolution. Indian startups will raise money from the Indian public in the Indian markets. This is really Aatmanirbhar Bharat. Digitization has given the startup ecosystem in India a boost, ”he said.
His comments came on a day when Zomato made an excellent debut on the stock markets on Friday as its shares rose nearly 66 percent from the issue price ₹76. Last week’s initial public offering (IPO) ended with 38 subscriptions.
In a large and diverse country like India, it is important to implement and scale programs quickly to reach 1.3 billion citizens in native languages, Kant noted.
“Startups should use technology for social good. The pandemic offered an opportunity to do this, ”he said.
According to Kant, the interface between e-commerce and the internet has created business opportunities. Developing world-class technology products requires input from AI, he said, adding, “Our curriculum needs to be redesigned to produce world-class AI scientists and designers.”
Kant also noted that failure is an integral part of the startup movement and every parent and investor in India needs to understand this. He quickly added that nowhere in the world would startups get the size and scope of data like India.
“Datasets offer the opportunity to use AI and ML in a number of areas such as health, agriculture, and education,” he noted.
Kris Gopalakrishnan, co-founder of Infosys, called for a significant increase in investment in research at the event.
“We also need a category of investors – HNIs with large pockets – who have no time horizon. You have to deal with seeding the deep tech, ”he added.
Using the department of biotechnology as an example, Gopalakrishnan said they did a phenomenal job creating startups, especially during the pandemic.
“Not for profit doesn’t mean you won’t be making a profit. These businesses must be run with financial discipline and should be upheld,” he noted.
This story was posted through a news agency feed with no changes to the text.
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