MeitY launched Digital Health ID in 6 Union Territories, soon be PAN India for digitalization of the Health Sector in India

No.PR-258 September 18, 2020 New Delhi MeitY launched Digital Health ID in 6 Union Territories, soon be PAN India for digitalization of the Health Sector in India Dr. Rajendra Kumar (IAS), Additional Secretary, Ministry of Electronics, and IT (MeitY), mentioned that the IT industry has given hope to Indian youth and accelerated the growth in entrepreneurship since the ’80sin the E-Conclave organized by PHD Chamber of Commerce and Industry on “MY INDIA MYSTARTUPS: 100 UNICORNS BY 2025”.He mentioned that MeitY Startups Hub (MSH) is providing incentive programs to the Startups, through Technology Incubation and Development of Entrepreneurs(TIDE) Schemes delivers incubation support to entrepreneurs. He mentioned that in the Center of Excellence (CoE) of STPI, MietY is connecting with the industries. He mentioned that the Ministry of Electronics and IT (MeitY) has launched Digital Health ID in 6 Union Territories, which will be there in PAN India soon for the digitalization of health sectors in India. Mr. Deepak Bagla, MD & CEO, Invest India deliberated that 1/3rd of Startups in India conducts business in e-Commerce and, 66% of Startups are from the engineering background. Today the combined value of Indian Unicorns is $73 Billion, where the top 10 Unicorns make 70 to 80% of the total volume. He mentioned that Bangalore is today’s Unicorn Capital City, where the average conceiving age of any Unicorn is 7 years. In 2012 there was only one Unicorn and, today we have 34 Unicorns in India, mentioned Mr. Subodh Sachan, Director, Software Technology Parks of India (STPI), Ministry of Electronics and IT (MeitY), Govt. of India. Mr. Sachan highlighted that currently, India is having $191 Billions of IT Industry in which 447000 Crores are coming from the STPI registered companies only. He mentioned that more than 2000 IT companies participated in a challenge to create a Video Conference Solution. In Aatma Nirbhar App Innovation Challenge more than 7000 applications were received. Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address mentioned that Startups India and Standup India are the dreams of our Hon’ble Prime Minister. He said that the Indian Startups system has the potential to make India a super-powered economy. In the year 2016, India had only 10 Unicorns that are now 35 in the span of 4 years only with an approx. value of more $100 Billion. Out of which 21 Unicorns are tech Startupss costing approx. about $73 Billion. Currently, India stands 3rd in creating Unicorns after the US and China. Mr. Vikrant Rajvanshi, AGM, SIDBI discussed that SIDBI is funding Startups directly through Fund of Funds Operations but as mandated by GoI, the funds have to go through the SEBI registered financial institutions or through AIFs since they do have the excellent resources and ground-level experiences to identify the potential Startups. He mentioned that SIDBI is supporting Startups and MSMEs through various schemes such as Funds of Funds Operations; MSME Risk Capital Fund (RCF);India Aspiration Fund; Funds of Fund for Startups (FFS); ASPIRE Fund+; UP Startups Funds. Schemes such as Startups Assistant Schemes where SIDBI provides complete 3 Years interest-free support. Mr. Ashok Kajaria, Chair &Managing Director, Kajaria Ceramics Ltd Former President, PHD Chamber deliberated that every Startups must understand the importance of Finance Management and, they should focus on it right from the beginning. He mentioned that the team members are the most valuable asset to any Startups or the industry. He also urged every Startup, related to ceramics, sanitary, etc. to access mentors and incubators from Kajaria Ceramics. Mr. Anil Khaitan, CMD, Sunil Healthcare Ltd, and Former President, PHD Chamber mentioned that Govt. of India is solidly behind the Startups and is determined to support the Startups ecosystem in India. He mentioned that Parliamentary Standing Committee Finance has recommended Long Term Capital Gain Tax Exemption for all the investments made on Startups with a minimum tenure of 2 years and, the Security Transaction Tax (STT) can be applied to collective investment vehicles after the two years to maintain revenue neutrality. Mr. Sanjay Aggarwal, Sr. Vice President, PHD Chamber of Commerce and Industry mentioned that the Indian government is very much excited to support Startups in terms of policy amendments, tax rebates, capital support, and many more supports laid by both central and state government. The governments are providing opportunities to the domestic investors and the Startups to step forward. Prof. Harvinder Popli, Director, DPSRU Innovation, and Incubation Foundation discussed that industry-academia collaboration is the need of the hour. Mr. Suresh Devnani, Chief Business Officer, Samunnati stated that there is a huge scope of innovation in sectors like agriculture, insurance, transportation, supply chain management. He highlighted that agriculture is as potential as the healthcare or pharma sectors with India having 474+Agri-tech Startups and, the number can be increased while encouraging investors and Startups in the Agri sector. Mr. Erik Azulay, Executive Director, Nexus Innovation Hub, and Incubator while discussing the growth prospects of Nexus mentioned that various Startups grew up with COVID related solutions. He mentioned that since after 2014 Startups ecosystem is growing rapidly due to serious government involvement and supports. Mr. Ashish Jain, Chief Mentor &CEO, JSS Business Incubator, NOIDA discussed that through Accelerator Model, a Startups can achieve its target in a short time. Acceleration Models include; Visibility, Technology, Mentoring, and Physical space. But Pandemic has shown vulnerability in Acceleration Model. Hence, the best alternative option to it is Co-Creation Model that required long term participation with Startups to face challenges and issues as a team. Mr. KS Bhatia, Founder & CEO, mentioned that though 65% Indian population depends upon agriculture for their livelihood, still there is not a single Unicorn in the Agri-tech that means more focused innovation and research are required in the agriculture sector. Similarly, the contribution of the manufacturing sector in the Startups ecosystem is negligible since it required huge initial investments along with the consistent running cost. Mr. Gaurav Gupta, Co-Founder & COO, Zomato mentioned that the food ecosystem is the fastest-growing ecosystem in India. He mentioned that Food Delivering Services has a phenomenal journey over the last 5 years. Before Pandemic, the average online monthly orders were about $100 Million, which indicates potential scope in food delivery services. He emphasized that ‘Right People Working on the Right Direction, Can Make the Difference’. Mr. Joy Bandekar, Funding Partner, Udaan while highlighting the challenges in the e-Commerce biz, he mentioned that logistic is a huge challenge. He said that India has a huge market but, the customers are much cost-sensitive. Hence, it is pivotal to understand the mindset of the people for business. Ideation and Innovation are required instead of replicating any pre-existed model. Mr. Anil Joshi, Managing Partner, Unicorn India Ventures mentioned that Pandemic has impacted the middle layer investment model. Hence, they started discovering new opportunities. He said that it is very important to invest in the right innovation and Startups. He also said that major challenges lie in raising the Startups soon after its inception. Mr. Vikram Gupta, Founder & Managing Partner, IvyCap Ventures Advisors Pvt. Ltd. deliberated that it is important to invest domestic capital investment in India through encouraging VCs, investors, etc. The mindset of the Indians has changed in the Pandemic era and, they have driven towards more digitalization. The US took 10 years to achieve digitalization from 15% to 35%, but India has achieved the same statistics in the span of 4 months only. There are huge opportunities in Rural Areas such as Banking, Insurance, Online transactions, education etc. Dr. Archana Hingorani, Managing Partner, Siana Capital deliberated that equity investment condition was not favorable in India before the year 2005 and, also the condition of women Startups is diminishing improved mentoring, and funding support is required by women Startups to come forward. Mr. Anupam Jalote, CEO, iCreate while sharing his experience shared that Covid19 has given positive experiences to him since lots of the people are now engaged in new projects and innovation specifically in the field of healthcare and IT/ITES. He mentioned that self-reliance is a key mantra to achieve the goal of 100 Unicorns by 2025. He stated that product based unicorn is very difficult to bear. Mr. Ashish Aggarwal, Chair, Startups Forum, PHD Chamber briefed the mission, objectives, initiatives, and activities of the Startups Forum to support the Startups ecosystem in India. According to Mr. Aggarwal, “successful Startups can become Unicorn which can produce furthermore Unicorns”. Mr. Sumit Duggal, Co-Chair, Startups Forum, PHD Chamber while moderating the session, gave an industry perspective along with key challenges and opportunities available for them to excel in their domain industry. Mr. Bharat Singh Mehta, Co-Chair, Startups Forum, PHD Chamber mentioned that the role of Startups in expediting the growth of a country cannot be overemphasized. He highlighted that as a Startups become more and more effective, the job seekers will become job creators. The session was moderated by Dr. Jatinder Singh, Director, PHD Chamber, and was attended Mr. Saurabh Sanyal, Secretary-General, PHD Chamber along with more than 200 key stakeholders Pan India. The session was supported by Samunnati Financial Intermediation & Services Private Limited. Ends Media Division PHD Chamber of Commerce and Industry