May 26, New Delhi:
Amid growing discussions around India’s foreign exchange reserves and the recent appeal by Prime Minister Narendra Modi urging citizens to reduce gold purchases, fuel consumption, foreign travel, and dependence on import-oriented commodities, industry leaders are highlighting new opportunities for Indian startups and innovators.
Speaking at The Directors & Mentors Conclave 2.0 organized by IBSEA, Mr. Sumant Parimal emphasized that the Prime Minister’s appeal should be viewed not only as a call for economic discipline but also as a major opportunity for Indian entrepreneurs and startups to contribute towards strengthening the nation’s economy.
India’s forex reserves recently witnessed a decline of approximately USD 7.7 billion, standing at nearly USD 690 billion for the week ending May 1, bringing renewed attention to export growth and import substitution strategies.
Speaking at The Directors & Mentors Conclave 2.0 of IBSEA Mr Sumant Parimal said “In response to the recent appeal of Prime Minister Modi to conserve forex by cutting down gold purchases, fuel consumption by adopting electric vehicles and public transport, I see three broad call for action cum opportunities for Indian startups which includes increasing forex reserves and trade surplus by building innovative global product brands particularly high value deep tech. products which can be as precious as gold in its economic values. Indian startups need to build hundred and thousands of Global brands through innovative products which increases exports earning in forex leading to higher forex reserves as well as trade surplus and going to be great opportunity for startups as well to globally market its products”.
“Call for using EV (Electric Vehicle) requires new innovations in charging infrastructure as charging thousands to millions of electric vehicles may requires augmenting power generation, transmission to distribution capacities. Our substations and transformers are mostly hitting capacity limitations in the peak summer, and may not be able to meet additional power capacities required for charging thousands to millions of electric vehicles until unless fresh power capacity and charging infrastructure augmentation happens. This opens additional opportunities for startups for developing and adopting sustainable charging infrastructure solutions”
Sumant Parimal adds further. Mr Sumant Parimal has hailed efforts of IBSEA in promoting and supporting entrepreneurs, startups and MSMEs through strategic mentoring and business ecosystem.