According to Kumara Raghavan of AWS, the Indian startup environment is mature, with various tailwinds primed to propel India to become the world's third largest economy.
Raghavan, Head of Startups at Amazon Web Services (AWS) India and South Asia, spoke with PTI about the flourishing Indian startup sector, highlighting its strength and innovation potential.
"We are the 5th largest economy, we are trending towards becoming the 3rd largest... factors that will contribute to it are labor addition, infrastructure growth, and efficiency improvements, where technologies like GenAI will play their part, a large developer ecosystem, the ability to build products in the country and serviced all over the world, then there are regulatory tailwinds as well," he said.
Raghavan praised the maturity of the Indian startup ecosystem, highlighting the substantial contributions of seasoned founders who have launched many entrepreneurial companies. "We're the world's third largest startup ecosystem. "And there are a couple of tailwinds in our favor," he remarked.
He credited numerous elements with fueling India's emergence as a startup ecosystem.
"Over the last decade, we have seen founders launch multiple startups over the last 7-8 years," he added, adding that this richness of expertise has not only sped startup lifecycles but also improved their chances of success.
He noted that India's robust developer environment has reinforced the startup industry, giving it a competitive advantage and cultivating an innovative culture.
"These factors combine to give us a tremendous boost... India is one of the most lively and open marketplaces. "And there are so many opportunities to solve problems," he added.
Raghavan also mentioned the growing interest among startups in embracing GenAI, citing examples such as Yellow.ai, Healthify, and Fibe (formerly EarlySalary) adopting and utilizing AWS' generative artificial intelligence (GenAI) capabilities to transform customer experiences, internal operations, and scalability.
