AI Startups Can Pave Way for India to Become a $5 Trillion Economy

From incorporating autonomous vehicles to e-commerce technology, the startups in India are innovating several platforms in the country. Making the apt use of artificial intelligence these startups are revolutionizing industries with their impressive and immersive technologies. Living in the age of technological advancements, the emerging vendors who are hustling at the forefront of the digital frontier, are also able to contribute a lot to the country's economic expansion. Through such developments, these companies are bringing notifiable changes in the lives of countrymen.

The NITI Aayog CEO, Amitabh Kant notes how startups using AI are introducing a substantial change in the daily routine of the citizens. He went on to twitter to express his views on how the country is witnessing AI startups focused on increasing accessibility, affordability and availability in India.

In his tweet, Kant also mentioned some of the emerging sectors with significant startups causing disruption across them. He noted healthcare, agriculture, education, natural language processing, retail, and transport are some of the sectors that are thriving with the deployment of AI. According to him, in healthcare – SigTuple, Tricog and Forus; in agriculture – SatSure, Vassar Labs; in education – Embibe, in NLP – Haptik, NIKI; in retail – Mad Street Den; in Transport – Netrodyne and Locus are some of the major startups driving the growth of their respective sectors in which they operate.

Additionally, the members of The Economic Times India Leadership Council, ETILC said, "We believe India has a major advantage over other countries due to its vibrant tech-related startup ecosystem, strong IT services, and offshoring industry, to harness the power of AI." Notably the members of this team include Kaushal Sarda, CEO, Kuliza Technologies; Dilipkumar Khandelwal, MD, executive VP, SAP Labs India; Anil Valluri, CEO, India and SAARC, NetApp; AS Rajgopal, MD, NextGen; Piyush Sinha, deputy MD, NEC Technologies; Anuj Gupta, CEO, Hitachi Systems Micro Clinic, and Vikas Gupta, CEO and CTO, GreyMatter Software Services.

Not to forget, the AI applications incorporated by startups run on big data and for that, they need technology that can digitize, harness and store data. The rising startups are seeking new opportunities to build new AI tools and platforms like chatbots for e-commerce and online banking firms. With their innovative ideas and applications, such companies are experiencing a surge in investments from interested investors.

According to a report, tech startup funding in H12019 is up 9 percent year-on-year to US$ 4.9 billion. It also notes that the average deal size is US$ 12.8 million up 12 percent year-on-year, and the total number of deals is 381.

The report also finds that the fintech sector saw the maximum deals whereas transportation and logistics raised the maximum funding, with the highest average ticket size.

As India aims to be a US$ 5 trillion-economy by 2025, it needs to increase its growth rate with an exceptional upsurge. To achieve such an ambitious goal, the country needs to focus more on technological advancements which can introduce new heights for its GDP. India needs to initiate more towards supporting those brave-hearts who are ready to take risks and create wealth for better prospects of the nation and accelerate its transformation journey.