Davos Summit 2023: India’s Journey To Startup Hub
Startups and unicorns have been buzzwords for a few years now and it goes without saying that this decade has clearly been the decade of startups.
On India's entrepreneurial destination, Shailendra Singh, Managing Director at Sequoia Capital said that when one looks at the last 15 to 16 years, there is staggering development of startup culture in India.
While speaking at the Invest India forum on the sidelines of the World Economic Forum meeting, he further claimed that it is accelerated in the last 6 to 7 years.
While comparing to other Asian nations, Singh said, “In terms of development of tech ecosystem, India is far ahead to the south-east Asian countries.” He asserted the bright future of startups in India and said that in the next 5 to 10 years, we will multiply USD 100 billion companies and one-third or half of the publicly listed companies will be tech companies.
India is also making leapfrog development in the renewable henry sector. According to the government data, “Installed renewable energy capacity has increased from 76.37 gigawatts in March 2014 to 159.95 gigawatts in May 2022, an increase of around 110 per cent recorded and the installed power capacity in the country is around 410 gw as of now.”
Chairman and CEO of ReNew Power, Sumant Sinha at the forum said that as far as the future is concerned, we are the largest renewable energy company in India.
“We have a 10 per cent market share and generated 1.5 per cent energy of India's total energy production,” Sinha said and added that green hydrogen will be a new opportunity for the company in green energy production.
However, he also counted on challenges by saying that our capabilities and taking it outside of India and working on a global scale and making an international company which has roots in India will be difficult.
