Budget Expectations: Emerging Tech Experts Seek Support for Startups in AI ML and DLT
Experts in the emerging tech space hope for ample support for startups in Artificial Intelligence, Machine Learning, a Digital Ledger Technology (DLT), among others.
India has been proving its seriousness about becoming innovative by making it in the top 50 most innovative countries on the Global Innovation Index at the 48th rank. The 21,778 startups recognized under the government’s Startup India Initiative have been pivotal to this growth story. Despite the pandemic, emerging technologies like DLT and blockchain have been sunrise sectors that have provided multiple job opportunities and financial stability to many in the country.
India’s startup ecosystem has been crucial in its economic resurgence, especially after the GDP is estimated to reduce by a record 7.7% during the 2020-21 fiscal. India is the third-largest startup ecosystem after the US and China to have churned out a staggering number of unicorns in the last few years. A greater focus to support and augment this momentum among the startups by the government will be crucial during the 2021 budget allocation.
The Tech Panda collated inputs from some of the leading experts from startups and VCs in the emerging technologies space. This includes their insights into what is required to revive the industry.
A Data-Based Economic World Order Benefits Users and the Corporate Symbiotically
As industries across the globe revive from the aftermath of the economic slump due to the COVID-19 pandemic, there is little doubt that India is at the cusp of fuelling a resurgence through AI, decentralization, and a consent-based data economy.
Shiv Malik, Head of Growth at Streamr, says that a data-based economic world order benefits users and the corporate symbiotically, depending heavily on the quality of human resources and digital infrastructure.
Incentivizing emerging technologies like blockchain and other decentralized technologies will be imperative to augment the growth of this economy and inch closer to our $5 trillion economy vision
“While India has the right mix of ingredients, the largest number of mobile phone users, the highest Internet data consumption, and technical know-how, its public policy challenges are unique. While the Personal Data Protection Bill, 2019, requiring sharing of non-proprietary data with other Indian entities is a step forward, there is a need to incentivize consent with decentralized data economies, especially for the consumer, from whom the data is harvested,” he says.
“Incentivizing emerging technologies like blockchain and other decentralized technologies will be imperative to augment the growth of this economy and inch closer to our $5 trillion economy vision,” he adds.
Double Down on Emerging Tech Startups
Pranav Sharma, Founding Partner of Woodstock Funds, says the key focus for the Union Budget should be to push for economic revival and double down on the focus towards startups and emerging technology such as Blockchain, AI, and DLT, among others.
Providing the right kind of financial assistance along with regulatory clarity focusing on reforms that enable ease of doing business, aided by positive regulatory support, will be critical to ensure that India is at the centre of the fourth industrial revolution
“Providing the right kind of financial assistance along with regulatory clarity focusing on reforms that enable ease of doing business, aided by positive regulatory support, will be critical to ensure that India is at the centre of the fourth industrial revolution,” he says.
He also points out that initiatives such as setting up a fintech sandbox for more proactive initiatives to regulate the blockchain and DLT sector and increased government funding for startups in the emerging tech space will be instrumental in reviving the economy with these futuristic technologies, bringing them at par with their global counterparts.
Aatmanirbhar Emerging Tech
Raghu Mohan, CEO and Co-Founder of Lumos Labs emphasizes in this regard that emerging technologies such as blockchain, AI, and machine learning, will lead the path of progress and boost the Indian government’s focus on a self-reliant economy.
By incentivizing cutting-edge technologies in the emerging sectors along with economical relaxations and aids in terms of taxes, investments and working capital will greatly aid in strengthening the startup ecosystem in India and truly encourage an Aatmanirbhar Bharat
“Increased prioritization of growth opportunities and incentives for indigenous, homegrown brands focussing on these technologies will greatly boost the growth momentum,” he says.
He adds that the pandemic has driven the global companies to shift their perspectives and consider India as a lucrative alternative to China in terms of technology and manufacturing.
“By incentivizing cutting-edge technologies in the emerging sectors along with economical relaxations and aids in terms of taxes, investments and working capital will greatly aid in strengthening the startup ecosystem in India and truly encourage an Aatmanirbhar Bharat,” he concludes.