Rising Bharat Summit: In the dynamic landscape of entrepreneurship, the words of visionaries resonate, inspiring a generation to harness their potential and catalyse economic growth. At News18’s ‘Rising Bharat Summit’ 2024, luminaries from India’s startup ecosystem converged to discuss the transformative power of innovation and enterprise.
Among them stood Ritesh Agarwal, the founder of Oyo Rooms, whose words echoed with conviction and aspiration.
Harsh Jain, co-founder, Dream 11; Virendra Gupta, founder, Daily Hunt; Upasana Taku, CEO, Mobikwik also participated in this panel discussion.
Agarwal spoke on the startup ecosystem in India.
“In developed countries like America and Britain, young entrepreneurs have contributed a lot to the country’s economy and I want the same to happen in India,” Ritesh Agarwal said.
Agarwal added, “The startup ecosystem is developing in the country. There is a discussion in the world that India is becoming a fast-growing economy. I believe that India is now emerging as a startup economy as well.”
He said that India ranks third in the world in the fastest-growing startup ecosystem.
“I believe that when India becomes the third largest economy in the world, along with that India will come to the second position in terms of the startup ecosystem in the world,” Agarwal added.
Virendra Gupta stated that every engineering college in Tier 2 and Tier 3 has an entrepreneurship cell.
“And, the energy and aspiration in India is great. India is the place to be,” he said.
Harsh Jain said that earlier in India, parents used to be happy when their child started working in a big company, but now as children are leaving their jobs and starting startups, parents are becoming happier.
Upasana Taku believed that the government and the RBI in India have played a significant role in fostering innovation in the fintech industry. Despite having been a part of the industry for 14 years and having 800 million Indian users today, the fintech space has only reached about 400 million users.
Taku also believed that the fintech industry still has a lot of growth potential, and the number of users is expected to double in the next 3-4 years. Products like QR and soundboxes have a long way to go in terms of growth.
“The regulations in India have been crucial in shaping the fintech ecosystem into what it is today. Taku also believes that financial innovation is strong in India,” Taku said.
As the discussion unfolded, it became evident that India’s startup ecosystem is not just a narrative of growth but a testament to the nation’s unwavering spirit of innovation and enterprise. In the crucible of ambition and determination, India’s startup revolution is poised to redefine the contours of the global economy.
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