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India is in the middle of technology disruption: NITI Aayog chief

Image credit: @amitabhk87;Twitter

The growth and disruption promised by Indian start-ups have given hope to the government for the economic potential and capacity of the technology-led revolution.

NITI Aayog chief Amitabh Kant stated that India is in the middle of technology disruption in his address at the TiE Global Summit on November 14.

He was of the opinion that tech start-ups and innovators would be the ones to disrupt industry leaders and shape the economy.

Globally, start-ups are gathering attention and garnering funding, He shared that last year, close to US$4.5 billion got invested and the valuation of start-ups edged towards US$60 billion.

Start-ups are going beyond e-commerce; they are entering new areas and even giving the established players a run for their money.

Sunrise sectors like mobility, characterised by their high growth rates, numerous start-ups and ambitious investors, could see more disruption.

Well established companies, like Hero, are already investing significantly in the disruptive start-ups.

Apart from the economic impact that new tech and disruptors have, start-ups are bringing new insights, perspective and solutions to major problems in the nation.

Start-ups have improved outcomes in learning and health outcomes and are aiming at a zero-emission world.

The government, therefore, is eager to ensure that start-ups continue to stay viable. This entails strategically creating an environment, infrastructure and policies that allow start-ups to thrive.

Moreover, the government is looking to foster a climate of investment in new ventures; ensure that start-ups have access to funding.

Kant expressed his confidence in AI’s potential to drive other tech, applications and innovations. While AI in India could add 1.3% YoY growth to the GDP, Artificial Intelligence could add $16.75Bn to global economy by 2030.

The potential of AI is evidenced in the fact that there are 600 start-ups working in the machine learning or artificial intelligence space in India currently.

In an effort to support these initiatives, India exploring ways to resolve related concerns.  Big Data availability and accessibility is one such challenge. India is looking at ways to securely bring big data into the public domain so that organisations can leverage and monetise them.

India’s expertise, drive and diligence can solve large-scale problems affordably and efficiently. He was excited about the energy, vibrancy, and dynamism that start-ups in India bring to the table

Kant assured the gathering that the government would continue whole-heartedly to get behind start-ups, innovators, and entrepreneurs.

From the government’s side, he said, we are doing and will continue to do all we can to support the growth of Indian entrepreneurship.

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