Next 10 years will be India's golden moment in key sectors, says Silicon Valley venture capitalist
WASHINGTON: The next 10 years is going to be India's "golden moment" in key sectors like technology, pharmaceutical, e-commerce and manufacturing, said a top venture capitalist from Silicon Valley, pointing at the USD 20 billion foreign direct investment in the country amidst the coronavirus outbreak.
"Coronavirus is sweeping the world, especially the US and India. In spite of that, the amount of investment going into India is mind-boggling," Silicon Valley's top venture capitalist, entrepreneur and philanthropist M R Rangaswami told PTI in an interview.
India has received foreign direct investment of over USD 20 billion in the last few months during the coronavirus pandemic, which has had an adverse affect on businesses across the world apart from the over-6-lakh lives the infection has claimed so far.
"I think the next 10 years is the golden moment for India to shine; using digital and technology -- whether it's medicine, telemedicine, e-commerce, logistics -- in every segment of the market. Whether it's a kirana (local grocery) shop, everything is going to be digital. It is the golden moment that India should seize," Rangaswami, the software business expert said.
Referring to the series of FDI into India post-COVID-19 outbreak, Rangaswami said it is unprecedented by any standards.
Prominent investments include USD 10 billion from Google, USD5.7 billion from Facebook, USD 1.2 billion from Walmart and USD 1 billion from Foxconn.
"I think there will be many, many more deals this year. You'll see a lot more companies coming in, a lot more money coming in. A lot more investments," he said.
"Amazon (e-commerce company) continues to invest in India. Other companies are looking at India now. Private equity guys are looking at India. Sovereign funds will be looking at India. Definitely India is going to be the hot destination for technology money,” Rangaswami said, in response to a question.
“This gives India an opportunity for an economic game-changer. I think it's predicated by two things. The number of smartphone users (in India) is over 500 million, maybe even close to a billion. Second, the government's push for digital combined with COVID-19 outbreak, which has taken (number of) digital transactions through the roof," said Rangaswami, a keen observer of the Indian market.
"On the ground (during the coronavirus outbreak), everybody is forced to go digital. This is a huge tipping point. So, this is an opportunity I want to see India seize and not let it go to waste,” he said.
According to Rangaswami, India needs to iron-out all the impediments to businesses immediately to ensure smooth sailing for all parties.
"The government needs to lead the charge now, in this moment, and say let's get the leaders together, let's get the bureaucrats, let's get the technology industry, the start-ups, let's get everyone and lay down the rules, regulations, roadmap, so everybody can work to a common purpose,” he said.
India will shine for sure. Until unless we start thinking and dreaming big of efficiency, skills or anything that matters.
India is no where close to China in terms of efficiency and scale. On top of it, faku PM is going to be a disaster as his primary aim is to win as many seats to change the constituion. Most of this so called FDI came to one company.
Kuchh nhi hoga indian politics dirty politics...
Opportunity exists all the time. You just need right people to spot and exploit the opportunity.We have miles to go to even match scale, productivity, quality, efficiency and cost structure of China.