India will definitely lead the charge on capitalising on the business opportunity emerging from next-generation technologies Web 3.0 and the Metaverse , said Rajeev Chandrasekhar, Union Minister of State for Skill Development and Entrepreneurship, and Electronics and IT.
Newer opportunities also extend into electronics, deep tech to quantum computing among others, the minister said speaking at the seventh edition of the ET Startup Awards 2021 event held in Bengaluru today.
“If you’re a dispassionate observer of nations, India is today one of pre-eminent countries in using technology and being at the forefront of innovation. We will be leading the charge into Web 3 and all of the innovations around the Internet…,” he said at an interactive session with ET’s Surabhi Agarwal.
Referring to prime minister Narendra Modi’s speech about the “Techade” Chandrasekhar said the wholesome push into innovation in India will be delivered by improvements in the fields of electronics and system design, semiconductors, Artificial Intelligence, deep technology, and quantum computing.
India had announced a semiconductor policy late last year, offering incentives for investment in the manufacturing of chips. The minister said the push towards a holistic innovation economy also stems from a global search to find alternatives to China’s domination in these areas.
On the several issues around the data protection policy and frameworks being deliberated by the Centre, the minister sought to assure the business community that the policymakers would ensure the rules don’t become roadblocks: “We will not do anything knee jerk or even remotely as a speed bump to retard the momentum in the startup ecosystem today. This is in itself a clarity…”
Speaking of the startup ecosystem, Chandrasekhar said the Indian community has come a long way from the position before 2014, with the government creating an enabling environment for startups to thrive. The Minister quoted a Credit Suisse report to drive home the point that access to capital in the Indian business system has grown enormously. “The Government will keep expanding these opportunities.”