February 24, 2024 Rohit D'Souza

MTW 2024

#mumbaitechweek2024

Amitabh Kant, G20 Sherpa, Government of India, speaks about the Indian economy while sharing some stats.

Currently, as it stands, India with a population of 1.4 billion people is the 5th largest 5 trillion dollar economy in the world, as per their gross domestic produce. We are preceded by the US, China, Germany, and Japan. The US is way ahead at 27 trillion dollars. 

Some astonishing stats for you –

In India, we have created a digital identity for nearly 1.4 billion citizens as per the statistics on: https://uidai.gov.in/aadhaar_dashboard

We have close to 500 million bank account holders as of Feb 2023. 

India accounted for 46% of global real-time payments in 2023.

114 billion digital payments in 2023. 

Given our large data sets, India can achieve momentous strides in AI, especially generative AI. For that, we need to be and think – AI first. 

Companies like –

Zerodha – in the investments space

GoDigit and Acko – in the insurance space

Are setting up the stage.

Open-source, openAPI, and interoperability are disrupting the technology landscape at scale.

The government has opened up support for space, drones, and geospatial areas, so expect some disruption in those sectors.

Some sunrise areas of growth are green hydrogen, to drive costs down from $5/kg to $1/kg, making it a more viable cost effective source for India’s energy transition.

Renuka Ramnath 

Focusing attention on Unicorns and soonicorns.

Currently we are proud of our 14 thousand women-led start-ups in India. Basically comprising the 18% of the total 80 thousand startups.

Governance from the get-go is the responsibility of every employee, not just compliance.

The key goal is to build differentiation in our offerings. For example, we are proud of how we handled covid vaccination.

UPI and ONDC are both important parts of the digital payment landscape in India.

Integration of AI with business and governance are awaiting frontier technologies.

We have vast data sets – where every 3 seconds there’s a new internet user! Room for massive disruption.

Over 19 thousand dialects in India, the most multilingual country in the world.

Giving us a use case where we can fill up government form using voice input and send to government for approval. 

Design, develop and deploy; the motto.

GitHub plays home for 13.2 million developers in India.

Google DeepMind, an AI research laboratory, has a goal to build advanced AI to expand knowledge and find new answers. They believe that by solving one problem, they could help people solve thousands of others. 

We need to have the ability to create a fund of funds to support VCs who do due diligence governed by SEBI.

AI is patient capital – returns come late. Deep tech requires to take off with this. 

₹1 lakh crore corpus will be established with a 50-year interest-free loan for long-term financing research and innovation in sunrise domains which also includes deep defence technology.

Currently 70% to 80% start-up funding comes from abroad. It should come from LIC, Indian oil, ONGC and pension funds. More domestic capital has to come in. This will bring more stability to pursue that disruptive tech if money is domestic.

Private and public sector investments needs to come from India, period.

The Jio story with its 450 million user onboarding in first year was impressive. No wonder makes it the now number 1 network in India.

As of October 2023, most Indian e-commerce sites spend between INR 800 and INR 1500 to acquire a new customer. 

Customer acquisition cost (CAC) is the sum of all marketing and sales expenses divided by the number of new customers added during a given period. CAC includes salary and overhead costs, ad spending, subscriptions, and staff and agency costs. 

We have the best KYC norms in the world.

The power of IIT will leapfrog our disruption story.

Where our Innovators are ahead of regulators, and good ethics and self-regulations, transparency and good governance, and financial discipline are the new norms.

As part of its digital strategy, the EU is planning to regulate artificial intelligence (AI) to ensure better conditions for its development and use. AI has the potential to create numerous benefits, including better healthcare, safer and cleaner transport, more efficient manufacturing, and cheaper and more sustainable energy. 

The engagement group for startups created under India’s G20 presidency has suggested self-regulation, instead of government intervention, as multiple cases of alleged misgovernance have been reported at some Indian ventures.

Some people say we need more fiscal kindness towards startups. Here we are taxed before we even start up. Here are some resources that may help identify any opportunities: https://www.startupindia.gov.in/content/sih/en/government-schemes.html

Anonymized government data sets can certainly be made available to all. Reach out to amitabh.kant@nic.in with your request.

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