India’s emerging businesses are facing several challenges, yet remain optimistic about opportunities for expansion fueled by technology adoption and global collaboration, according to business leaders at the ET NOW Global Business Summit 2024 in a session named “Igniting India’s Growth: Business Transformation and the Rise of Emerging Enterprises”
“India produces about one and a half million engineers coming out of college every year. Still I say there is a war for talent,” said Rajeev Mahajan, Chairman, Sec1.io, highlighting the difficulty in finding qualified workers. Access to funding and developing “green jobs” were also cited as key obstacles for growth.
However, technology is seen as a way for companies to adapt and expand.Technology should not be considered as a cost center. It should be considered as a profit center
Others emphasized artificial intelligence for predictive analysis and building “digital twins” for architectural design. Though we are a traditional engineering business, we have a digital platform where we constantly look at increasing efficiency through automation.
Collaboration is crucial, leaders emphasized. Government initiatives like Startup India have already benefited tens of thousands of early-stage ventures. But public-private partnerships, support from large corporations with incubation centers, and knowledge sharing across industries is still needed.
Despite profound challenges, from finding qualified workers to raising funds, India’s emerging companies see a chance to harness technology, foster collaboration, and access global capital – fueling domestic growth while also competing worldwide.The opportunities are immense.
India’s emerging businesses face talent, funding, and other obstacles, but technology adoption, collaboration initiatives, and strong investment prospects point towards significant growth opportunities ahead. Tapping into India’s technical skills and huge market, early-stage ventures aim to drive innovation both locally and globally in key sectors like fintech, health, and agriculture.
Despite the challenges of finding qualified talent and raising funds, India’s emerging businesses are poised for robust expansion in the years ahead. By embracing technology and forging collaborations, early-stage ventures aim to harness the nation’s strong engineering skills and vast market potential.
With supportive government programs and interest from large corporations and foreign investors, companies see openings to drive innovation in high-potential sectors like fintech, health, and agriculture. If these nimble startups can leverage India’s digital capabilities and partnerships while addressing key gaps, they can become globally competitive organizations that spur sustainable domestic growth.
