The Indian startup ecosystem is on the rise, with AWS’ Kumara Raghavan praising its maturity and potential to propel India to become the third largest economy in the world. In a conversation with PTI, Raghavan highlighted the strength and innovation potential of the vibrant Indian startup scene.
“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 like Make in India and Production Linked Incentive (PLI) scheme as well,” he said.
Raghavan commended the contributions of experienced founders in the Indian startup ecosystem, noting their multiple entrepreneurial ventures. “We are the third largest startup ecosystem in the world. And there are a couple of tailwinds going for us,” he added.
He credited various factors for driving India’s growth as a startup ecosystem, including the wealth of experience of founders launching multiple startups over the last decade. This experience has not only accelerated the lifecycle of startups but has also increased their chances of success.
India’s strong developer ecosystem has further boosted the startup scene, providing a competitive advantage and fostering a culture of innovation. Raghavan emphasized the increasing interest of startups in embracing GenAI, with companies like Yellow.ai, Healthify, and Fibe (formerly EarlySalary) utilizing AWS’ generative artificial intelligence capabilities to enhance customer experiences, internal operations, and scalability.