Niti Aayog CEO Amitabh Kant

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2021 a defining milestone for the startup ecosystem in India: Niti Aayog CEO Amitabh Kant

Indian startups are disrupting way ahead of the industry, seizing upon opportunities and disrupting the status quo, and are innovating across sectors, be it health, manufacturing, education, financial inclusion, transport and logistics, sustainability or agriculture, Amitabh Kant, CEO, Niti Aayog said while speaking at Schneider Electric Innovation Summit India 2021.

“2021 has been a defining milestone for the startup ecosystem in India. On average, three startups are turning unicorns every single month. Twenty-six startups have entered the unicorn club this year and we are witnessing a record number of IPOs. This is unprecedented,” Kant added.

He focused on the importance of cutting edge technologies such as Artificial Intelligence, Machine Learning and the Internet of Things for driving growth and sustainability. He also praised the Indian start-up ecosystem in the area of artificial intelligence.

“Artificial intelligence solutions championed by the start-ups are being deployed across the spectrum, from predicting machine failures, providing real-time manufacturing insights; they are paving the way for industries to become lean and tech-driven. And this would allow our industries to become globally competitive,” he added.

According to him, as India will move from being data-rich to data intelligent, it’ll use machine learning and AI to find solutions to a vast number of its challenges, water availability, learning outcomes, health improvement, enhanced agriculture productivity, and of course sustainability and reduction of our carbon footprint.

Throwing light on India’s efforts towards mitigating climate change, he said that India is not responsible for the situation (global warming). In fact, India is one of the only G20 countries well on track to achieve its nationally determined contributions. Independent studies rate India’s efforts as highly compliant with the requirements under the UNFCCC Kyoto Protocol and Paris Agreement.

He emphasised that renewable energy is key to a decarbonised future. Talking about India’s contribution to renewable energy, he added, “India’s renewable energy sector has become a prime destination for global investors, with a potential to attract $10 billion of annual investments. These achievements have contributed to improving the lives of our 1.3 billion people. Simultaneously, we are increasing investments and domestic manufacturing capacity of batteries, electric vehicles and solar, and in the research and development of innovative clean energy solutions, such as hydrogen.”

A few days back, Amitabh Kant, while speaking at one of the virtual sessions of a day-long SDG Summit called upon all private sector players to focus on Sustainable Development Goals (SDGs) and become green companies of the future which would help them access capital at low rates.

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