Startups playing an important role in enhancing India-US partnership: Ambassador Taranjit Singh Sandhu
Over the last year, it is estimated that Indian startups have raised USD 16.9 billion in venture capital funding, the second largest in the world.
The country's ambassador to the United States of America, Taranjit Singh Sandhu, has said that India has a unique startup ecosystem and there is a significant demand from the current government under Prime Minister Narendra Modi to encourage entrepreneurship through initiatives like Startup India and Digital India. has been pushed.
He said startups are playing an important role in enhancing the India-US partnership. Sandhu was delivering the keynote address at a webinar on opportunities in the Indian startup ecosystem and deepening the India-US partnership.
The power of over a billion brains! Sandhu said in a tweet after the webinar, which was attended by over 3,000 participants including angel investors, venture capitalists from both the countries. The event was organized by the Indian Consulate in Houston, in partnership with the US India Strategic and Partnership Forum (Indian Consulate in Houston). USISPF) and the Department for the Promotion of Industry and Internal Trade.
Sandhu said, from healthcare companies that are exploring vaccines, to renewable energy firms that are trying to raise and lower the average cost of electricity, to education startups that bring online education to students. To all those millions of others in digital technology, you're pushing the envelope every day and for both our countries and for both countries. creating huge economic opportunities.
It is equally interesting to see that some startups are active in traditional sectors of the economy, such as agriculture, he added. Providing an overview of the India-US partnership in the technology segment, USISPF President Mukesh Aghi said Indian and US startups are sharing the dual-headquarters vision and hiring inter-country talent.
Today, there are 63 unicorns in India with a total combined valuation of around USD 218 billion. Anil Agarwal, additional secretary, DPIIT, said, “It took us 10 years to make 37 unicorns and just 8 months to make the next 26.” Sandhu said that India is now the third largest startup ecosystem in the world and home to 100 unicorns. 90 billion USD.
These unicorns are not limited to one industry but are highly diversified and spread across multiple technology and tech-enabled sectors. He added that start-ups in industries such as software-as-a-service (SaaS) and gaming are also growing rapidly.
Over the last year, it is estimated that Indian startups have raised USD 16.9 billion in venture capital funding, the second largest in the world. The year 2021 could be the year of initial public offering (IPO) for India. The ambassador said three Indian unicorns have already made their first offerings this year.
I can think of several factors that have made India unique as a startup ecosystem. The Indian IT boom, a large talent pool, increased income of the Indian middle class, availability of capital, increased use of smartphones and access to the Internet could be some of them. He said that a lot of emphasis has been given by the government under the leadership of Prime Minister Modi through initiatives like Startup India and Digital India.
Behind this enabling framework, lies the sheer grit and talent of our young entrepreneurs, the true representatives of India's aspiring youth. Sandhu said that they are not averse to taking risks and are not easily afraid of challenges, they create innovative and cost-effective solutions through state-of-the-art technologies.
Many Indian startups have close links with the US as entrepreneurs from India have traveled or studied in the US or have been inspired by the US. The India-US relationship is both an enabling and beneficiary one and the Embassy of India has been keen to boost the startup ecosystem by hosting a range of events. He said there are startups in all the five identified key areas of collaboration.