PR No – 138
9th August, 2024
New Delhi
Dr. Amitabh Nag, CEO of the Digital India Bhashini Division emphasizes on investing in start-ups, as it will help bridge gaps and reach the last mile at PHDCCI’s Start-Up Ecosystem & Investors Networking Meet
PHDCCI organized “Start-Up Ecosystem & Investors Networking Meet” today under the theme “Empowering Budding Entrepreneurs & Start-ups; Creating Synergies with Incubators, Venture Capitalists, Angel Investors & Venture Studios” at PHD House, New Delhi.
Dr. Amitabh Nag, CEO of the Digital India Bhashini Division, emphasized the importance of providing data and information in vernacular languages to assist those facing language barriers. He informed about NyaySetu, a platform that helps users understand complex legal services in their local language, as district courts operate in local languages while High courts and Supreme court uses English. By addressing these challenges, we aim to bridge the existing gaps, enable better communication and access to opportunities, he added.
He mentioned that Bhashini aims to secure a $20 million investment in start-ups over the next two years, focusing on ideas and technical expertise that can contribute to the nation and reach the last mile.
He also highlighted the potential of unlocking India’s value for AI models, particularly in agritech, and emphasized the importance of ensuring that efforts are directed positively, as AI presents both threats and opportunities. And further discussed the significance of human capital and the demographic dividend over the next 15 years.
Further, Dr. Nag shared an example of a recent incident where the Prime Minister used Bhashini’s solution in Varanasi, allowing Tamil Nadu students to listen to him live in their own language. With this, he informed, a chatbot was also launched for Uttar Pradesh and its Ministry of Agriculture to answer farmers’ queries and help them.
Mr. Yashraj Akashi, Co-Chair, Start-Up Committee, PHDCCI, highlighted that India has one of the largest start-up ecosystems globally, with more than 112 unicorns in 2023 and over $10 billion in funding. He emphasized that accelerators, incubators, venture capitalists, family funds, and now venture studios play crucial roles in supporting start-ups, founders, and creating innovative businesses.
These entities are vital components of the entrepreneurial funding ecosystem, providing essential support and resources to emerging companies, added Mr. Akashi.
Mr. Dhruv Pathania, while discussing where India will be in the next 15 years, expressed confidence in the resilience of the country. He discussed that while some countries might face a recession, the Indian market with its large consumer base will continue to thrive without much dependency on other nations in near future.
He added, over the next 15 years, India is expected to experience significant growth, particularly in sectors such as real estate, financial services, health, and e-commerce, with the entire landscape changing within this period.
He also discussed the growth in the defense and aerospace sectors, where numerous start-ups are contributing to the ecosystem and supporting the government and said that In agritech, substantial opportunities still remain untapped. The lack of awareness in rural areas is still present, where farmers are often unaware of funding opportunities and ROI. He pointed out that while government schemes and grants do exist, their benefits are not widely known, and there should be more emphasis on greater assistance and education in these regions, he concluded.
The event was sponsored by Resurgent India and was supported by PHDCCI annual sponsors, DLF Ltd; Jindal Steel & Power; KLJ Group; Multani Pharmaceuticals Ltd; Marble City; MMG Group; Radico Khaitan Ltd; Uflex Ltd; Vestige; Eazy ERP Technologies; JK Tyre & Industries Ltd; Sagar Group of Industries; Superior Industries Limited; Samsung India Electronics; Oswal Greentech; Apeejay Stya Group; Blossom Kochhar Beauty Products Pvt Ltd; DCM Shriram; R E Rogers; Trident Group; Ajit Industries Pvt Ltd; Bhagwati Plastic and Pipes Industries; Central Coalfields Ltd; DD Pharmaceutical Ltd.; Hindware Sanitary; Jindal Steel; Modern Automobiles; P S BEDI & Co.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry