Next wave of innovation in India to come from semicon, AI, says IT Minister Rajeev Chandrasekhar

On Monday, Union Minister of State for Electronics and IT Rajeev Chandrasekhar unveiled India’s thriving startup innovation landscape over the past 2-3 years. Chandrasekhar expressed optimism about India’s potential for the next wave of innovation, particularly in sectors like semiconductors, microelectronics, artificial intelligence (AI), and high-performance computing.

During the launch of the ‘Investor Information and Analytics Platform’ developed by IIT Madras, the minister highlighted the platform’s significance in bridging gaps in understanding the innovation ecosystem. He specifically praised the platform’s AI-based conversational interface, dubbed ‘StartupGPT’, designed to provide easy access to comprehensive data for stakeholders navigating the startup landscape.

Chandrasekhar emphasized the platform’s utility for researchers, enabling them to grasp growth dynamics within the ecosystem. He also noted its value for public policymakers in formulating responses and initiatives aligned with these dynamics.

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The collaborative effort between IIT Madras and the Centre for Research on Start-ups and Risk Financing (CREST) resulted in the ‘Investor Information and Analytics Platform’, a repository of vital information for startups. With data on over 200,000 startups, nearly 11,000 angel investors, 5,000 venture capitalists, 1,000 incubators, and over 100 government agencies supporting startups, the platform aims to simplify access to capital and resources for entrepreneurs.

Professor Thillai Rajan A, Head of CREST at IIT Madras, emphasized the platform’s role in propelling India towards an innovation-driven economy. He noted that platforms like these would democratize access to information and capital, thereby expediting the commercialization of innovation. Professor Rajan also highlighted the platform’s potential to assist young entrepreneurs by facilitating connections with experts, investors, and mentors tailored to their ventures.

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(With inputs from agencies)