Startups Vital to Propel India Towards $10 Trillion Economy

India is strategically positioning itself to empower problem solvers, evidenced by its ascent to the top three for value creation globally. Indians are spearheading the creation of unicorns on the global stage. Startups will be the force multiplier to catapult the country to a USD 10 trillion economy. This was stated by Chairperson of Manipal Global Education and renowned Indian businessman, TV Mohandas Pai in Jaipur while sharing his thoughts on the topic ‘BHARAT @ 2047’. The event was organized on the occasion of 25th silver jubilee of Data Infosys, now known as Data Ingenious Global Limited.

Ajay Data, Managing Director of Data Group of Industries, reflected on the 25-year journey of Data Infosys, now Data Ingenious Global Limited, as a symbol of innovation and success.

Pai further said that aging is the biggest challenge of humanity. A big advantage that India has over the other economies is its young population. Till 2100 India will continue to have a young population. In addition to other advantages propelling economic growth, the transformative impact of digitalization in India stands out. India, renowned as a software export giant and a burgeoning deep tech hub, leverages digital platforms extensively. Pai highlighted a significant achievement during Prime Minister Modi’s tenure: the widespread access to basic necessities facilitated by technology.

Shedding light on the future, he remarked that in the next few years, India will transition from being data poor to data rich.India has pioneered the use of Digital Public Goods (DPGs) as the technology enabled force multipliers for growth. DPGs are new and improved methods of delivering public goods (and services) such as the Aadhaar identity system, healthcare, government schemes, and other digital public infrastructure such as banking and payments.

For Rajasthan, Pai suggested that the state should focus on labour-intensive industries to generate employment as well as tourism. The state has huge tourism potential which still needs to be tapped fully, he added.

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