What PM Modi’s India Ideas Summit Speech means for Indian Startups

On July 22, 2020, PM Modi addressed the USIBC group inviting them to invest in India.

His speech highlighted the following benefits of investing in India.

1. Openness – “open minds make open markets”.  PM Modi highlighted how openness is thought and governance was enabling India as a premium investment location.
2. Opportunities – Half a billion active internet users, more rural than urban. PM Modi quoted a recent India survey to highlight the reach of technology and internet-based services for the Indian population. He also mentioned India’s upcoming interest in “frontier” technologies like
   i. 5G
   ii. Big Data Analytics
   iii. Quantum Computing
   iv. Blockchain
   v. IoT
3. Options – Agriculture, Healthcare, Energy, Infrastructure, Civil Aviation, Defense & Space, Finance, and Insurance. PM Modi went in detail the opportunities available to investors in various sectors of the economy.
   While this was primarily targeted at investors, Indian entrepreneurs should be encouraged by this speech and recent events leading to the speech. Here is how to feel good about these developments if you are a budding entrepreneur

1. 1. If you are starting in any of the niche “frontier” technologies, you now have an exit strategy. If any of these investments are looking for innovative solutions, especially catering to local problems, there is a high chance you could be an acquisition candidate.
   2. For technology startups, you now have more funding opportunities. If you are cutting edge problem-solvers, your startup could also be funded by these investments
   3. Now that the government is openly talking about these, there would be a lot of initiatives in these technologies where showcasing talent could be beneficial.
   4. Open discussions could also lead to technology-friendly laws and tighter data privacy regulations – something that the country desperately lacks.
   5. As the demand for these technologies rises, courses and skilled folks should be in increased supply. The skill gap that exists today in these niche areas is a major concerned and hopefully could be managed by the renewed focus.

What do you think? If you have other interesting ideas that you wish to share, please add them to the comments section.