Global future will not be driven by big tech but by India’s DPI: Kant

Apr18,2024



Mumbai: India's G-20 sherpa Amitabh Kant Said on Thursday that the global future will be driven not by big technology companies, but by digital public infrastructure Platforms developed locally. Speaking at the 'We Made in India' event here, Kant said India will move its digital public infrastructure (DPI) to the rest of the world, and there are already several examples of countries gearing up for it.
The DPI includes digital identity through Aadhaar, real-time payments through the UPI platform and other services like account aggregator, and was showcased to the world during India's G-20 chairmanship last year.
Kant said that during the G-20, the world accepted the definition and framework of DPI considering the progress that India has made through its strategies.
“During the G-20, the world accepted the definition of Digital Public Infra, the world accepted the framework of DPI and as per our belief, the future will not be driven by big techIt will be operated by DPI,” he said.
It may be noted that 'Big Tech' generally refers to a group of global tech majors such as Apple, Google owner Alphabet, Amazon and Meta.
Kant said DPI of India will move across the world, and the same will present a lot of opportunities for the country's entrepreneurs that need to be taken advantage of.
“DPI will become synonymous with the rest of the world,” he said. This will be a big part of India's growth story during the period up to 2047, he said.
Meanwhile, the former bureaucrat urged insurance companies and pension funds to invest in the country's 'startup movement', and pointed out that the Silicon Valley ecosystem, which is home to big tech companies, was built on bets made by such patient investors. Has gone. ,
Kant said that currently, more than three-quarters of funding for domestic startups is coming from international sources, while only a quarter comes from domestic sources, including from high net worth individuals.
He said, “We need Indian insurance companies, we need Indian pension funds, we need Indian HNIs (high net worth individuals) who take risks and invest in India's startup movement and that is how India will grow ”
He also underlined the need for a Fund of Funds for the Deep Tech sector in India, which will help venture capital funds to invest stakes in startups engaged in an area that will have great relevance in the future.
Amid some failures like Byju's, startups were also asked by Kant to focus on corporate governance and building a strong culture. He also advocated strict self-regulation as the best solution moving forward, fearing that the government would “kill” innovation if it took to regulating startups.
“…Innovation is always ahead of the government. The government machinery like taxes, regulatory system will always be behind innovation. They can never keep an eye on innovation. And so, if the government starts getting involved in regulation of startups, We will kill innovation,” she said.
At a time when India has been called upon to focus on the services sector to drive its growth, Kant also advocated focusing on manufacturing, saying this will create jobs.
“I would say the most remarkable thing about this government is the promotion of Make in India,” he said.



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