Indian startups are going global and making waves across geographies. BYJU’s Oyo, Freshworks, and Ola have forayed into diverse regions in emerging and developed economies. Can India produce the next set of entrepreneurs who can lead the global digital landscape? There is a sense of triumphalism in the startup ecosystem. The mood is upbeat and energy levels continue to rise unabated.
India has the potential to churn out the next generation of leaders capable of making their mark on globally. The structural reforms and initiatives undertaken by the Indian government have made it possible for startup players to ride the digital bandwagon.
The government, as an enabler of the startup ecosystem, needs to create a favorable regulatory environment for startups to flourish and challenge the status quo. Comprehensive, forward-thinking policy-making is required for emerging technologies that can offer bright minds to innovate within regulated environments of sandboxes. Regulatory sandboxes for fintech, insurtech, etc. need to provide enough flexibility for startups to take calculated risks and offer liability protection as well.
India can be the world’s leading data economy if it gets its priorities around data protection and localization right. Data continues to fuel emerging technologies, and a comprehensive regulatory policy is the need of the hour.
Recently ministry of electronics and IT(MeitY) sought views on non-personal data to create a policy around non-personal data. Rama Vedashree, CEO of the Data Security Council of India (DSCI), is of the view that the government should stay away from obfuscating the PDP(Personal Data Protection) Bill with non-personal data. The primary focus should be on the privacy protection of users’ data.
Debjani Ghosh, President NASSCOM,says, “We also need some bold steps in the regulatory landscape. The criticality of data brings to the fore a pressing need to deliver on a comprehensive data strategy. Data is the lifeblood of emerging technologies, and if we continue to treat it in a cavalier fashion, we will soon be staring at profligacy. India needs a ‘National Data Strategy’ that sets a clear and bold vision for making India a world-leading data economy.”
India will be data-rich before it becomes economically vibrant. Nasscom’s Future Skills Report highlights the importance of data-related skills and the need to create a digital workforce to make India a global data hub. Re-skilling the workforce in emerging technologies such as Machine Learning. Robotic Process Automation, Artificial Intelligence, and Blockchain are crucial to vibrancy and success of the Indian startup ecosystem.