Startups can drive innovation and job creation, say founders, investors

Siddarth Pai, founding partner and chief financial officer, 3one4 Capital, a venture capital firm based in Bangalore, said that startups can become the nucleus of an economic engine for creation of new assets. “It can become the main driver of innovation and it is a major job creator and promotes technology development,” he said.

On government’s assistance to the startup world, he said, that all action taken by the government and central banks post Covid accelerated the path that India was already in.

Even before Covid, between the period 2017 and 2019, Indian startups were well on course to become the third largest ecosystem in the world, Pai added.

Kartik Sharma, director, Agnitio & co-founder DcodeAI said, “India is poised to become the back office of the world for Artificial Intelligence (AI) and everyone should have an equal shot at being part of this burgeoning sector, irrespective of educational background.”

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Participating in the panel discussion, Rahul Garg, founder and CEO of Moglix, spoke about the vision of his company. “We are on a mission to take the manufacturing sector from $400 billion to a trillion dollars and to see how the process can be accelerated from both from a domestic market basis and an India to world basis,”

EasyGov founder and CEO Amit Shukla said that the government spends Rs 19 lakh crore every year on social protection, that is for health, housing, education and food.

Pointing out that there is a 30% chance of error of exclusion, he said, “We try to bring down this error of exclusion without increasing the budget. We help the government to find the right beneficiary.”