India’s transformational journey in digital innovation has been phenomenal, according to Amitabh Kant, former CEO of NITI Aayog. Startups in India are offering end-to-end digital insurance services in minutes, and the country has the potential to become a world leader in technology innovation. India needs to focus on digital identity, AI, quantum computing, space tech, and sustainable energy to achieve this. Additionally, India should become the first country to industrialize without carbonizing to become a leader in green technology. According to Kant, the government has initiated radical reforms, including the single Goods & Services Tax, the Insolvency Bankruptcy Code, and the Real Estate Regulation Act, to make India the easiest nation to do business in. Kant believes that private players should be responsible for wealth creation, while the government’s role should be limited to policy-making.
G20 Sherpa Amitabh Kant’s Advice to Indian Startups: Go Digital, Go Green
Amitabh Kant, G20 Sherpa, addressed the Indian startup community at the TiEcon Delhi-NCR 2023 conference on March 17-18. The event, organised by the NCR chapter of the Indus Entrepreneurs, focused on the theme “Navigating The New World.” In his speech, Kant discussed India’s digital transformation, the opportunities it presents for startups, and the role of the government in supporting the sector.
India’s Startup Journey
Kant noted that when the government launched the Startup India movement under the leadership of PM Modi in 2016, India had just 452 startups. Today, the country boasts over 90,000 startups and 110 unicorns, making it the third-best startup ecosystem globally. “What we have done is a phenomenal journey,” said Kant.
India’s Digital Transformation
Kant elaborated on India’s journey to go digital, highlighting achievements such as the creation of digital identities for over 1.4 billion people and the opening of close to 500 million bank accounts between 2016-2018. The government’s move to connect Aadhaar with mobile numbers resulted in nearly a billion people in the country having smartphones, making it easier to access digital services.
Digitisation of Banking Services
Kant highlighted how India has been able to digitise banking services, noting that he has not used his debit card or visited a physical bank or ATM. “For me, my mobile is my virtual bank,” he said. India has demonstrated its ability to open-source, open-API, and do interoperability, according to Kant. India is the only country where around 40 different applications are competing in the digital payments sector.
Digital Lending and Wealth Creation
Kant also spoke about digital lending and wealth creation in the market. He cited startups such as Mobiqwick and Lending Card that have made their mark in the Indian market. Stock market wealth creation has also been made digitally accessible to all, thanks to startups like Zerodha and Upstock.
The Road Ahead
Kant concluded his speech by emphasising the need for startups to focus on going green. He stated that the future belongs to those who are committed to reducing carbon emissions and protecting the environment. “Go digital, go green,” he said, “This is the mantra for the future.”
In conclusion, G20 Sherpa Amitabh Kant’s speech at the TiEcon Delhi-NCR 2023 conference provided valuable insights into India’s startup journey, digital transformation, and the need for startups to go green. The country’s achievements in recent years and the opportunities presented to startups show that India is well on its way to becoming a global leader in the startup ecosystem.
G20 Sherpa Amitabh Kant’s Insights on India’s Digital Journey and Startup Potential
G20 Sherpa Amitabh Kant spoke at the TiEcon Delhi-NCR 2023 conference about India’s digital transformation and the opportunities it presents for startups. He highlighted how India has made significant progress in areas such as digital identity, banking, payments, credit, wealth management, and insurance. Kant noted that India has been able to achieve this transformation at a low cost, demonstrating the potential of the Indian startup community.
End-to-End Digital Insurance
Kant discussed startups that provide end-to-end digital insurance to consumers. He compared his experience with traditional insurance providers, noting that it used to take 5-6 months to get insurance from LIC. In contrast, these startups offer insurance within minutes, showcasing the transformational journey India has undergone.
India’s Phenomenal Journey of Transformation
Kant highlighted the significant progress India has made in digital transformation, calling it a “phenomenal journey of transformation for India.” He pointed out that India has achieved what no other country has been able to do in terms of technology advancement in core areas.
India’s Startup Potential and Dynamism
Kant praised India’s startup potential and dynamism, noting that what India has achieved, no one in the world has ever done before. He encouraged the startup community to demonstrate the energy being shown in India to the world, emphasizing that their market is not India, but the rest of the world.
The G20 and Indian Startup Model
Kant talked about how startups are now part of the core G20 agenda under the G20 Startup Engagement meet. He emphasized that this was because the Indian model is unique, with tracks built for private players to compete on. He cited Jio’s consumers as an example of India’s population scale model at a low cost, stating that the cost of acquisition in India has fallen from $25 to $1. Kant added that India’s ability to use digital identity and other areas proved its potential.
Cash Inflow and Investment
Kant noted that around $35 billion cash inflow happened in 2021, and around $27 billion in 2022, demonstrating that money will never be a problem for the Indian startup community. He stated that many Indian startups will keep investing, and cash inflow will remain intact for those with good business models.
Importance of G20
Kant pointed out that the G20 contributes around 85 percent to global GDP, accounts for 25 percent of global trade, and 90 percent of patents. This makes it an essential platform for the startup community to showcase their potential.
In conclusion, G20 Sherpa Amitabh Kant’s speech at the TiEcon Delhi-NCR 2023 conference provided valuable insights into India’s digital journey and startup potential. India’s achievements in recent years and the opportunities presented to startups show that India is well on its way to becoming a global leader in the startup ecosystem. The startup community’s energy and dynamism must be demonstrated to the rest of the world, with the G20 serving as a vital platform for showcasing their potential.
G20 Sherpa Amitabh Kant’s Insights on India’s Road Ahead: Go Digital, Go Green
At the TiEcon Delhi-NCR 2023, G20 Sherpa Amitabh Kant spoke about India’s potential to become the third-largest economy in the world by 2030. However, he emphasized that raising per capita income is vital and that India should aim for a growth rate of 9-10 percent to achieve this. Kant justified this argument by citing countries like Korea, Taiwan, Singapore, and China, which have achieved this for two decades by focusing on technology and sunrise areas of growth.
Importance of Going Digital and Going Green
Kant stressed the importance of going digital and going green to achieve growth. He advised startups that capital and value will come if they are a digital company and are going green because that is the future. He highlighted how the Production Linked Incentive (PLI) scheme was structured for E-mobility, solar energy, green hydrogen, and mobile manufacturing, which are all new emerging areas of growth.
Deep Tech and Going Green
Kant observed that India needs to get into deep tech in AI, cloud computing, quantum tech, and space tech, but apart from this, going green should also be a focus. He urged the startups at the TiEcon Delhi-NCR 2023 to make India the first country in the world to industrialize without carbonizing. Kant believes that by doing so, the world will invest money in Indian companies. He emphasized that going digital and going green are the way forward.
Policy Initiatives for Startups
Kant talked about the policy initiatives of the Indian government for startups in the country. He cited the introduction of the Insolvency Bankruptcy Code, which allows people to come out of failure, and the implementation of one single Goods & Services Tax (GST) instead of 32 different taxes as radical reforms that have been introduced.
India’s Presidency and Agenda
Kant noted that India is setting the agenda for the rest of the world for the first time during its presidency. He observed that India has been responding to the agenda set by the rest of the world so far. He emphasized the importance of going digital, going green, and focusing on sunrise areas of growth.
In conclusion, G20 Sherpa Amitabh Kant’s speech at the TiEcon Delhi-NCR 2023 conference highlights India’s potential to become a global leader in the startup ecosystem. The emphasis on raising per capita income, going digital, and going green is critical for India’s growth. Policy initiatives such as the Insolvency Bankruptcy Code and the implementation of one single GST demonstrate the Indian government’s commitment to supporting startups. India’s presidency presents an opportunity for the country to set the agenda for the rest of the world and to showcase its potential.
Amitabh Kant, G20 Sherpa, spoke at TiEcon Delhi-NCR 2023 on the topic of the road ahead for startups, investment and the government’s role in it. He emphasized that India is the fastest-growing large economy in the world and that to increase per capita income, the country needs to focus on technology and sunrise areas of growth, to go digital, go green. Kant stressed that going digital and going green are the way forward. India needs to get into deep tech in areas such as AI, Cloud computing, quantum tech, and space tech, as well as E-mobility, solar energy, green hydrogen, and mobile manufacturing. Kant believes that the government should only do policy-making because wealth creation is the job of private players.
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