As debate heats up over the lack of deep-tech and AI innovation in Indian startups, experts acknowledge that while R&D spending remains low, Indian startups have the potential to reverse this trend rapidly.
“Why is R&D spending still so low in India? I believe it’s low, but it’s also true that startups have the potential to change this. What’s needed is a shift in mindset,” said, Panneerselvam Madangopal, CEO, MeitY Startup Hub.
He added, “We live in a world of instant gratification—instant success, instant growth. That’s what seems to be driving many young startups today. But if startups can embrace deferred gratification, and think about long-term success, they’ll naturally move toward R&D-led, product-led innovation.”
Recently, the Union Commerce Minister urged Indian startups to move beyond food delivery apps and focus on developing advanced technological solutions.
“See, in India, we're doing everything — and that’s very important. We don’t live in an ‘Or’ world, we live in an ‘And’ world. What that means is, we’re building startups that are both frugal and driven by R&D and deep-tech innovation,” said, Dr. Arvind Gupta, CEO, Digital India Foundation
Gupta also appreciated the growth of the startup ecosystem in the country over the years.
“When we launched the Startup India initiative — which was inaugurated by the Prime Minister on January 16, 2016 — there were just around 400 startups in India. Today, that number has grown tremendously to lakhs and 5000 out of them are deep tech startups too,” he added.
The CEO of MeitY Startup Hub and Digital India Foundation also said that India is currently a $1 trillion digital economy, and as we grow into a $10 trillion economy, the digital sector is expected to account for at least 10% of it.
