Industry captains see optimistic forecasts for Indian digital economy
“The Indian industry is expected to grow at 8-10% on a base of $220 billion revenue. The march of technology continues with Artificial Intelligence and Machine Learning, Blockchain, Web 3.0, Metaverse… this is the reason why I believe industry will continue to grow,” Gopalakrishnan said while speaking at the 25th edition of Bengaluru Tech Summit on Wednesday.
He said the industry will grow secularly as the companies are overcoming challenges like return to office, by opening smaller offices in Mysore, Mangaluru, Belgaum and Hubli to go closer to work.
Biocon chairperson Kiran Mazumdar Shaw said every economy in the world today has to focus on creating a vibrant and sustainable bioeconomy.
“India has set a target of creating a bioeconomy of $100 billion by 2025. We are well on track to achieve that target. Our next goal is to achieve a bioeconomy of $500 billion by 2047 which will celebrate the 100th year of independence of our country. Agriculture and sustainability are going to be key pillars of this bioeconomy where energy, health and food security are going to be paramount. Today biotech is providing solutions for many of the problems that plague India,” Shaw said.
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Karnataka Startup Vision Group chairman Prashanth Prakash said that the venture and private equity industry has returned more than $80 million to the global investors in the last five years. Looking ahead the 100 plus Unicorns with a lion share from Karnataka, provide a massive IPO supply chain. Close to 25 plus Unicorns are expected to go for IPOs in the next three years creating billions of dollars in new market cap in the public markets.
“From less than a 1,000 funded startups by angels and VCs a decade ago we have now 15,000 startups which have absorbed more than $150 billion and we expect this to double in the next five years to 30,000 funded startups raising more $300 billion,” Prakash, who is also a founding partner at Accel, said. The startup ecosystem is expected to create a value of over $200 billion by 2027, he added.
Gopalakrishnan also lauded India’s unique model of public digital infrastructure and private entrepreneurship like Unified Payment Interface (UPI) and Open Network for Digital Commerce (ONDC), saying these are part of the blueprint for faster development and access to services to citizens in developing economies. He also pressed for policy interventions in areas of shared databases and data privacy and protection to “spur” innovation across the country.
Technologies like gene editing, CRISPR, nanotechnology, the prolific use of data science and artificial intelligence, are now providing new healthcare solutions, through novel diagnostics and drug delivery systems, added Shaw. Devices and other smart technologies that are helping us meet a large number of unmet needs is the opportunity we are all looking at, she said.
There is a unique convergence of IT and biotechnology in Karnataka, she said while speaking of an industry 4.0 that is taking shape rapidly in Karnataka.
Startups that are domestic, led by SaaS and are enterprise-led, will have global recognition for value and price. “B2B and B2C startups in e-commerce will show global ambition in the ASEAN region,” said Prakash.
“The most dramatic transformation will be in our rural ecosystems where startups will help a majority of the 150 million digitally enabled farmers double their incomes fulfilling the vision of our PM.. Karnataka as the epicenter and the growth engine of these sectors can make this noble mission a reality,” Prakash added.
