India requires innovation in the social world as the problems being faced by the country are different from the west, said Amitabh Kant, the CEO of NITI Ayog (National Institution for Transforming India), the central government institution for catalyzing economic development, at the US-India Startup Forum organized by The American Bazaar in New Delhi, on September 1.
Amitabh Kant, a member of the Indian Administrative Service, said that the e-commerce market in India will grow up to $300 billion by 2024.
â€œI expect this is (e-commerce market) going to grow up to about $300 billion by 2024 simple because India is the only country which, by 2024, will have close to a billion smartphones. It will be the only country in the world which will have a billion biometrics,â€ he said.
The daylong startup forum consisted of a number of panels, investor pitches, and speeches by prominent investors, experts, and entrepreneurs.
The afternoon session of the startup forum began with â€˜elevator pitch,â€™ which saw startup entrepreneurs pitching their business plan to the audience. Three participants were selected and the winner will get a chance to fly to the United States and meet investors to fund their startup.