Technology Issue Summit, a two-day conference and demo-day sessions has started in its grandeur way as it was promoted and planned. The event was started with an opening note by Mr. Hutu, CEO of Onionfans, the organizer of the event. In his short introductory speech, he welcomed all the guests from India and China along with the entire crowd (people from startups and others) and made his vision visible to everyone with his intention to establish a strong economic and business relationships among the two nations. Soon after the podium was taken over by Ms. Jessica Wong, Co-founder of Cyber Carrier. She also talked about the importance of VC funds for the startups in India.
Mr. T. V. Mohandas Pai, the chairman of Manipal Global Education and was the member of board of directors at Infosys graced the event with his thoughts on “India-The Next Economic Boom”. In his 20-minutes speech he talked about India’s capacity with respect to the production and services it offers to the world.
He said, “India has $175 million IT industry within its geographical borders and around 60% of outsourced IT services in the world are done by India alone.” He added that 450 “Fortune 500” companies get their technological requirements fulfilled by India. India has 800 technology labs in India are global multinationals.
India is an open nation where foreign nationals can have 100 % stake in the companies by following few normal rules. With its purchasing power per person India stands ahead of Japan, Germany, France, and many other countries. With a large number of talented IT resources India is stepping towards the startup boom. Currently, India has more than 2,000 startups that employed 325,000 people by creating a value of $ 80 billion. With this he is expecting India will have more than 100, 000 startups that will create trillions of dollars of value by employing more than 3.25 million people in next 10 years. It is important the country is encouraging young entrepreneurship.
In the last year, Indian startups got $9.5 funding out of which only 5% is from Indian investors. In China around 65% of capital comes from within the nation to the startups. Even Indian financial sector and generic medicine sector are also working very good and helping the country’s growth. We have our own pharma research labs in India and we supply a very good quantity of generic medicine to other developed nations.
The education sector in India is also flourishing with 250 million school going children, 25,000 million young college students. In next three years, we will have more children in our colleges than China, which is no. 1 in the world now. This sector provides the country with its production of intellectual brains. Therefore, the EdTech, fintech, retail and life science industry along with consumption are going and at its boom level in India. Thus, India will become a $ 10 trillion economy by 2030 in fastest growing countries list. This growth will come from internal consumption, from investment (from internal and foreign) driven by technology, innovation and by the startups.
Apart from these, India is also known for its contribution into the production of steel, cars, cement, and two-wheelers. Real estate and housing industry are also contributing in nation’s growth which is not worth to neglect. But China is a larger producer of all these.
In the overall perspective, all other countries, including USA, European and other developed and developing countries, have many challenges in their growth path whereas India and China are the two nations that have the potential to grow with each other’s cooperation. He quoted, “the 30% of incremental growth will come from India and China collaboration. China and India will take their positions in the list of developed countries after USA in coming 10-15 years”. He also mentioned that any kind of business connection between India and China will bring profits for both the nations. He welcomed Chinese investors to come and invest in Indian startups that have a strong technology background.