Startups in India are eagerly anticipating the new government's initiatives to address their needs. Key areas of focus include the electric vehicle (EV) industry, small-town entrepreneurship, and financial market stability. By implementing targeted policies and providing necessary resources, the government can foster a supportive environment for the growth and success of startups nationwide.
Pratik Kamdar, CEO & Co-Founder of Neuron Energy, emphasizes the importance of supporting the growing electric vehicle (EV) sector. Given the increasing environmental concerns, he believes the government must prioritize strengthening this industry. Kamdar also argues that promoting domestic manufacturing is crucial to reduce dependency on imports, stating that encouraging local production will enhance the EV ecosystem and lessen reliance on foreign sources.
Kamdar highlights significant policy initiatives like the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME II & III) scheme and the Production-Linked Incentives (PLI) scheme, which are designed to boost local industry growth. These initiatives aim to improve domestic battery supply, decrease imports, lower battery costs, and ensure access to essential raw materials such as lithium, nickel, cobalt, and manganese.
Startups in smaller Indian cities have the potential to be the nation's new growth engine. Hifza Afaq, co-founder and CTO of Kaarigar Mandi, notes that startups in these areas face unique challenges that the new government must address. Operating from Agra, Uttar Pradesh, Kaarigar Mandi encounters difficulties in accessing funding and investment opportunities, as venture capital and angel investors are concentrated in metropolitan areas like Bengaluru, Mumbai, and Delhi.
Afaq also points out that inadequate infrastructure, such as unreliable internet connectivity and transportation networks, hampers operational efficiency. To support small-town entrepreneurs, she suggests that the government create special schemes, establish startup incubators in smaller cities, and provide training, investment, and resources.
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