Bengaluru Tech Summit: India is moving towards being a manufacturing-driven economy, says Invest India CEO
Nov 29, 2023
Bengaluru (Karnataka) [India], November 29 : Nivruti Rai, Managing Director and CEO of Invest India, on Wednesday said that India was moving from a consumption-driven economy to a manufacturing-driven economy.
Speaking at the inauguration of the three-day Bengaluru Tech Summit 2023 on Wednesday, she stated that Bengaluru has become the fourth-largest startup cluster in the world due to the support extended by successive governments in Karnataka.
Kris Gopalakrishnan, chairman, of Vision Group of IT, said the technology sector had grown by 9pc during the last year due to the slowdown. He, however, hoped that the USD 200 billion tech sector will touch USD 350 billion by 2030. He said the ChatGPT app launched in November 2022 was the fastest-growing app during the last 1 year.
Large and Medium Industries Minister MB Patil said the government of Karnataka's focus remains on creating an environment that is conducive to growth, fostering entrepreneurship and attracting investments.
"Karnataka has been ranked 'top achiever' in the ease of doing business by the Department for Promotion of Industry and Internal Trade (DPIIT) announced in 2022. Our state rose to this rank based on the implementation of varied reforms across areas ranging from the ease of doing business, affidavit-based clearance, land reforms, a central inspection system, single-window clearances, to sectoral policies," he said.
Prashanth Prakash, chairman, of Vision Group of Start-ups, said the world had invested USD 25 billion on GenAI but very little had percolated into India. He said the climate tech and fintech sectors are emerging technologies. Fintech has achieved billion scale in transactions and now the land records are being digitised, which will be part of the growth of fintech.
Some of the key highlights of the Bengaluru Tech Summit 2023 include the Chandrayaan 3 Industry ISRO Pavilion.
Representatives from Australia, Denmark, Finland, NRW (Dusseldorf), Israel, Japan, Russia, South Korea, Thailand, the US, the UK, and many more countries have participated in the summit. The other highlights are the startup pavilion, India-USA Tech Conclave, B2B, etc.
