India should have a million startups, says Dr Srivastava
Enriched with experience of working in international markets and on products for global projects, IT entrepreneurs are returning home to be part of the tech-driven Indian growth story, says an IT stalwart who has funded over 150 startups in the country.
“Today, more and more Indian entrepreneurs are heading back to India from Europe and the United States have achieved success in those markets,” said Dr Saurabh Srivastava, co-founder and past chairman of the National Association of Software and Services Company (NASSCOM).
“This is because the economy is growing and the opportunities are large and the Government is very focused on Entrepreneurs,” he said on the sidelines of Singapore Fintech Festival, held 15-17 Nov 2023.
Dr Srivastava says there is a big room for the Indian economy to grow at double-digit compared to the current stable 6.5% growth.
Given the large 1.4 billion population, India should have a million startup to drive the economic growth, said the Indian IT veteran who wears a number of hats in bustling technology sector.
“Indians are among the most aspirational people in the world, and we should not have difficulties in growing at faster pace,” he said.
He pointed out that the GIFT City in Ahmedabad is an excellent initiative in winning investments and business community by creating a tax-free zone.
Solar and wind energy are now available while the Indian space sector is set to be a global leader, he said.
Dr Srivastava had also played a lead role in the setting up The Indus Enterprise (TIE) chapter in Singapore in 2001 after one was established in the Silicon Valley followed by chapters in main Indian cities.
He recalled how the Singapore Government had welcomed and supported the idea of TIE Singapore chapter, and called for its members to be multinationals in line with the prosperous city state’s large MNC community. Fiinews.com
