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50 hot startups 2017

Battery storage will bring in the real investment: Niti Aayog’s Amitabh Kant

jkant
Talking about AI as the area to look out for, Kant said that the addition of AI itself will add about 16.3 trillion to the global economy.
NEW DELHI: Startups are getting into new areas of disruption beyond e-commerce and even giving the established players a run for their money. This, among other key aspects, were highlighted by Amitabh Kant, CEO, Niti Aayog in the capital today.

Addressing the gathering of investors, startup professionals and industry stakeholders at the TiE Global Summit 4.0, Kant said that many of the startups are improving learning outcomes, health outcomes and doing outstanding work in mobility which is a great sunrise area. “There is a huge reign of such young startups all across. They are really disrupting the world of mobility and looking at zero emission world of tomorrow,” he said.

He also revealed that last year, close to $4.5 billion got invested and sheer valuation of these startups is close to $60 billion. “This movement has really spread from tier 1 to tier 2 and now in the new lot, tier 3 and 4. Smaller cities like Indore, Trivandrum - many of them are doing great work in terms of disruption,” he added.

Kant identified battery storage as the area where real investment will happen. “Quite often, we in India get into the sunset industries. As you get into sunset industries, it becomes very difficult to penetrate global markets,” Kant said.

Talking about Artificial Intelligence (AI) as the area to look out for, Kant said that the addition of AI itself will add about $16.3 trillion to the global economy. “Another study by PwC shows that AI can add to the Indian economy 1.3 % by year. And hence we are close to 600 Startups working in sheer AI and ML,” he said.

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