India's Tech-economy Boom, What Experts Opine

The tech – economy is defined as the science of modeling technological changes, the markets and value creation including business models

Technology has always been the enabler of businesses. In this digital age, no sector is untouched by technology. VC and PE firms have been backing tech-based startups, acknowledging their success in businesses. As far as funding is concerned, SaaS startups have remained one of the preferred sectors across the globe.

Speaking at the fifth edition of BW Businessworld Techtors 2023, on Thursday, Rohit Arora, Co-founder and CEO of Biz2credit, said, "It's been a rollercoaster ride for the Indian tech sector, which has witnessed three key factors: world-class tech talent, digital infrastructure, and funding."

He further emphasised that the technology boom is a normal bust that shows both the challenges and promises of the digital era.

Along the same line, Kamalika Bhattacharya, Co-founder and CEO of QuoDeck, said, "India has a certain DNA towards the tech sector. If we look back a decade, we understand that we didn't have a market to consume technology. But today our country has a consumer economy, a B2B consumption that has developed well over the years."

With the increasing adoption rate of technology and the internet, the user base for tech-based startups has also increased. Commenting on the future of tech-based startups, Satyajeet Kunjeer, Founder and CEO of Deciml, stated, "It is important to have a long-term economy today because India has a great digital future. As a developing country, our journey towards digitalization is just two-three years mature in comparison to other countries which are matured tech players from the last 30-35 years."

Furthermore, according to Kunjeer, it is completely unfair to compare India's digital progress with other countries.

Slightly touching upon India's standing among leading entrepreneurs' economies such as the USA, Varun Tangri, Founder and CEO of Queuebuster, said, "India has never been a leader anywhere in any sense. We have always represented the 'cockroach economy'."

Tangri defined the Cockroach economy as the entrepreneur section that never dies even if a single businessman stays in a startup. He said the business gets carried on, which represents the fact that 'ups and downs' are a United States phenomenon, whereas India always represents the growing phase in any circumstances.

Adding to this, Arora compared startups to the innovation and brain power that brings revenue.

Highlighting the new products in technology, Ish Babbar, Co-founder and CTO at InsuranceDekho, said, "It's the wave that suggests the business boom in the coming years, which is about creating the right consumer products."

Moreover, experts explain that with the rise in the number of startups, India's tech economy is driven by digital transformation. The tech economy is a boon to India's future, however, the challenges are also growing. Therefore, for a better tech economy, we need to focus on incubating startups and helping them become immune to possible risks in the future.

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