MoS IT Rajeev Chandrashekhar states Indian entrepreneurs will shape the future of technology, according to the world.

NEW DELHI: Over the last 5-6 years, the capabilities of young Indians and their startups have become unquestionable among global investors, according to Rajeev Chandrashekhar, the minister of state for IT. Speaking at the ninth edition of The Economic Times Startup Awards in Bengaluru, Chandrashekhar highlighted the high quality research and work being done by Indian startups, including in the fields of AI and semiconductors. He emphasized that India’s capabilities have been firmly established and that the country is no longer seen as just a back office. The minister stated that the world now recognizes that the future of technology will be shaped as much by Indian entrepreneurs as by Americans or anyone else.

Chandrashekhar also addressed the issue of high GST rates on emerging sectors such as crypto and online gaming. He acknowledged that there needs to be more harmony between different ministries, especially the finance ministry, in tackling the unregulated sectors. While there is a view in the finance ministry that GST should discourage online gaming, the government is interested in providing a clear and predictable framework for the sector.

The minister assured young entrepreneurs that government regulation is not meant to create roadblocks for startups, but rather to catalyze and accelerate innovation. He stated that eventually, only the Digital Personal Data Protection Act, the Digital India Act, and competition law will effectively deal with distortions on the Internet.

Satyan Gajwani, vice-chairman of Times Internet, also spoke at the event and highlighted the growing recognition of startups by traditional companies. He noted that traditional firms are now seeking to imbibe the spirit of entrepreneurialism and disruption, and are looking to startups for inspiration and innovation.

The Economic Times Startup Awards, which were instituted in 2015, recognize and celebrate the achievements of startups and entrepreneurs across eight categories. The winners of this year’s awards were announced by a high-powered jury led by Uday Kotak. The categories included Startup of the Year, Woman Ahead, Top Innovator, Bootstrap Champ, Midas Touch (Best Investor), Social Enterprise, Best on Campus, and Comeback Kid.

Overall, the event showcased the impressive capabilities of Indian startups and the growing recognition and support they are receiving from investors and traditional companies. The government’s focus on providing a clear regulatory framework and promoting innovation is expected to further fuel the growth of the startup ecosystem in India.