The Indian startup ecosystem is mature and ready to strengthen the economy: Raghavan of AWS

The Indian startup ecosystem is mature, with multiple tailwinds poised to escalate India into the third largest economy in the world, said Kumara Raghavan of AWS.

Speaking to PTI, Raghavan, Head, Startups, Amazon Web Services (AWS) India and South Asia discussed the vibrant Indian startup scene, noting its strength and innovation potential.

“We are the fifth largest economy, we are on the way to becoming the third largest economy… contributing factors will be the addition of workforce, infrastructure growth and efficiency improvements, with technologies like GenAI playing their role , a large developer ecosystem, the ability to build products domestically and service them around the world, then there are also regulatory tailwinds,” he said.

Raghavan praised the maturity of the Indian startup ecosystem and noted the important contributions of experienced founders who have started multiple entrepreneurial ventures. “We are the third largest startup ecosystem in the world. And we have some tailwinds,” he said.

He mentioned several factors driving India’s growth as a startup ecosystem.

“Over the last decade, we have seen founders launch multiple startups in the last seven to eight years,” he said, adding that this wealth of experience has not only accelerated the lifecycle of startups but also increased their chances of success.

India’s strong developer ecosystem has further strengthened the startup scene, providing a competitive advantage and fostering a culture of innovation, he added.

“These together create very strong momentum… India is one of the most vibrant and open markets. And there are so many opportunities to solve,” he noted.

Raghavan also pointed out the increasing interest of startups to embrace GenAI, giving examples of, Healthify, Fibe (formerly EarlySalary) adopting and using AWS’s Generative Artificial Intelligence (GenAI) to revolutionize in customer experiences, internal operations and scalability. .

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

First print: May 25, 2024 | 19:00 IST