Amidst Pandemic, Indian Tech Cos Witness $38B Investments: Amitabh Kant

CIOReviewIndia Team | Wednesday, 09 December 2020, 05:31 IST

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“In the past six months, India witnessed $38 billion investments in tech companies amid pandemic,” said Amitabh Kant, CEO, NITI Aayog on Tuesday.

During a three-day TiE Global Summit (TGS), which was conducted virtually, Kant said that the Indian startup ecosystem witnessed launch of 55,000+ startups, which had raised $60 billion in funding in the last five years, and presently, it is home to almost 34 unicorns, and 52 unicorn going startups for 2022. Amitabh Kant said, “While the world is reeling under the impact of COVID-19 pandemic, India has seen tech investments crossing over $38 billion in the last five or six months and this is absolutely massive and speaks volumes about potential of India, particularly when it comes to the technology."

Amitabh added, “Artificial intelligence is going to become one of the biggest opportunities for India with respect to technology applications and the emerging technology is expected to add $957 billion to the Indian economy by 2035.”

According to him, data protection is an evolving and fast changing digital landscape in India, where strong data protection, and data empowerment is required.

He said that India presently has over 650 million internet utilizers, where in every three seconds a new connection is added. It is the largest consumer of data in the world with over 500 million smartphone users.

The Vice President of India, M Venkaiah Naidu, on the same, addressed the importance of student-entrepreneurship via innovation programmes, which is extremely critical, and universities required to establish close connection with industries for mentorship, and guide students on novel business ideas.

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