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Union Minister Jayant Sinha today urged start-ups and tech-giants to explore the scope for developing 'drone-rickshaws' and electrical two-wheelers to address traffic problems and air pollution. A huge capital market lies in solving local problems that can make India a USD five to 10 trillion economy, the minister of state for civil aviation said. Sinha, who was speaking at the Tech Conclave-2017 organised by the National Stock Exchange, called upon tech giants to invest at least a trillion dollars on technology. "We don't have to solve the problems of Times Square in New York but we have to solve the problems of Jhanda Chowk in my very own Hazaribagh. That is how we have to drive entrepreneurship." "In solving India's problems, we will solve Egypt's problems, Nigeria's problems, Vietnam's problems," he said. The minister said India would achieve the target of 5-10 trillion dollars of economy by building great companies that solve India's problems, which will eventually solve the world's problems. "I want you to think about building not just unicorns. You have to think about building super unicorns of 100 billion dollar market cap.
It is doable," he said. Citing examples of Alibaba, Facebook and Google, he said these companies built 500 billion dollar market cap over the last 10 to 15 years. Sinha urged tech-giants and start-up companies to think about the innovations that are possible in the field of drone technology. He said the cost of travelling by air is Rs 4 per km, which is equivalent to travelling in an autorickshaw. "We in the future are going to see Air Rickshaws. Drones that are powered by electric propulsion." "The cost for short distance - 20,30,40, 50 km - is also going to be about Rs 4 per km, which is the cost of an autorickshaw," Sinha said. There is huge market opportunity available in drone technology, he said. "This is not a science fiction. This is reality. This is the technology that we are going to get." He said electric two-wheelers have a potential market of 200-300 million dollars. Automobile giants should flip over from petrol based two-wheelers and start manufacturing electric two-wheelers involving technological innovations. "Electrical two-wheeler is an opportunity that is sizeable not just in India but around the world and innovators and leaders should come from India," the minister said. Sinha said a few weeks ago the government issued a set of draft regulations for drones, which have been pending for long time because of security issues and various other manuals.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)