It’s the world’s fastest growing smartphone market, with 462 million internet users, second only to China. The number rose 23 per cent last year, and there’s lots more headroom for growth because even now only a third of the 1.3 billion population is connected to the internet.
Nearly 80 per cent of India’s internet users access the web with mobile devices, making it a mobile-first market like China, opening up possibilities for new business models and innovation. Digital wallets and other mobile payment avenues, for example, could make India leapfrog over costlier card-based systems.
“Every brand caters primarily to the top 50 million families in the country; we’re at the cusp of bringing another 100 million families into the picture,” says Sharad Sharma, co-founder of software product industry think tank iSPIRT.
India’s prime minister has underlined the importance of entrepreneurship and innovation in giving productive outlets to the country’s talent and boosting economic growth. His slogan “Startup India, Standup India” became a rallying point for these initiatives. They include a Startup India
programme to support entrepreneurs with government schemes, as well as funds channelised through SIDBI
Several state governments in India’s federal structure have also started their own start-up missions. These range from established states like Karnataka, to emerging start-up hubs such as Hyderabad, Jaipur, and Bhubaneswar.
This is an excerpt from an article published on TechInAsia. You can read the full story here
Most heartening of all is the role of tech evangelists who’re working with the government to lay out a digital infrastructure for the country, which start-ups
can leverage. Its key pillars come together in IndiaStack, a collection of open APIs including authentication for Aadhaar, the biometrics-based ID, a united payments interface, and other digital enablers like eSign and a digital locker.