India’s Innovation Landscape Set to Soar with Semiconductors and AI, Says IT Minister

In a significant revelation on Monday, Union Minister of State for Electronics and IT, Rajeev Chandrasekhar, highlighted India’s substantial progress in the startup innovation sector over the past few years. Speaking at the launch of the ‘Investor Information and Analytics Platform’ by IIT Madras, the minister foresees the next wave of innovation emerging in sectors such as semiconductors, microelectronics, artificial intelligence (AI), and high-performance computing.

Chandrasekhar expressed the pivotal role of the platform in bridging the understanding gap within the innovation ecosystem. The AI-based conversational interface, ‘StartupGPT,’ featured on the platform, aims to provide stakeholders with easy access to comprehensive data, facilitating a deeper comprehension of the startup landscape.

“This platform will be a valuable resource for researchers, helping them grasp the growth dynamics within the ecosystem. Additionally, it will support public policymakers in crafting responses and initiatives aligned with these dynamics,” stated Chandrasekhar.

The collaborative effort between IIT Madras and the Centre for Research on Start-ups and Risk Financing (CREST) has resulted in the creation of the ‘Investor Information and Analytics Platform.’ Housing information on over 200,000 startups, nearly 11,000 angel investors, 5,000 venture capitalists, 1,000 incubators, and more than 100 government agencies supporting startups, the platform aims to streamline 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. “Platforms like these will democratise access to information and capital, thereby accelerating the commercialisation of innovation,” remarked Professor Rajan. He also highlighted the potential for the platform to benefit young entrepreneurs by facilitating connections with experts, investors, and mentors tailored to their ventures.

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