India’s G-20 Sherpa, Amitabh Kant, emphasized the importance of fostering indigenous innovation to prevent India from becoming a “tech colony” dominated by major global technology firms. Speaking at the ‘We Made in India’ event, Kant highlighted that the future will be shaped by India’s Digital Public Infrastructure (DPI) rather than by big tech companies.
Kant pointed out that during India’s G-20 presidency, the world acknowledged the definition and framework of DPI, which includes components like Aadhaar for digital identity and the Unified Payments Interface (UPI) for real-time payments. He asserted that India’s DPI model has garnered international interest and is set to be adopted globally, presenting significant opportunities for Indian entrepreneurs.
To capitalize on these opportunities, Kant urged domestic insurance companies, pension funds, and high-net-worth individuals to invest in India’s startup ecosystem. He noted that currently, over 75% of funding for Indian startups comes from international sources, and increasing domestic investment is crucial for sustainable growth.
Furthermore, Kant advocated for the establishment of a fund of funds dedicated to the deep tech sector to support venture capital investments in startups focused on advanced technologies. He also emphasized the need for startups to practice rigorous self-regulation and maintain strong corporate governance to foster a robust and innovative business environment.
In addition to promoting digital innovation, Kant highlighted the significance of bolstering the manufacturing sector through initiatives like ‘Make in India’ to create employment opportunities and drive economic growth.
