What China has achieved in technology and startups ecosystem can easily be replicated in India, thinks NITI Aayog CEO, Amitabh Kant.
Both the countries have similarities when it comes to population and ecosystem. Chinese digital story can be replicated in India easily, said NITI Aayog CEO who inaugurated 3rd edition of Chindia TMT Dialogue conference 2018 on Friday.
India must make a push for Chinese companies to come here and walk together. Last year India imported about $76 billion and exported about $13.3 billion. We need to push for more investment. We have the potential to redefine the economy and be a leader in the world, Kant added.
Last year, India-China bilateral trade was valued at $84.44 billion. Chinese companies invested about $2 billion in India as compared to $700 million in 2016, tripling the funding in a single year. Leveraging the Chinese ecosystem with the help of investors is turning out to be a game-changer in terms of knowledge sharing and not just sourcing capital.
Since China and India have remarkable similarities in terms of consumer spending behaviour, on the market-scale it is the China model that Indian entrepreneurs are finding success on.
The time is right for Indian startups to rise and create real disruption for billion-plus Indians. India and China can work together and learn from each other a lot, added Kant.
Talking about e-commerce industry, Kant said in coming years e-commerce market will be huge in India. India young population will be a huge advantage coupled with business-friendly environment. India will have 12000 technology startups in the next two years.
The govt too has framed an action plan for startups, he added. He had earlier said that India should have a startup-friendly e-commerce policy to encourage investments in the e-commerce sector.
He also asked MSMEs companies to be part of the supply chain industry through design and innovation. Future is in digitisation for small businesses.