'Our Start-Ups Will Navigate through Global Challenges'

As a minister of state holding the dual portfolio of the Ministry of Electronics and IT (MeitY) and the Ministry of Skill Development and Entrepreneurship, Rajeev Chandrasekhar holds a vantage point in viewing the rise of tech-enabled start-ups in India. In an interview with Abdul Haleem Sherif, he delves into the dynamic growth journey of India's innovation ecosystem and the pivotal role that the Central government is playing in shaping its trajectory. Edited excerpts:

- Abdul Haleem Sherif

In a rapidly evolving economy, both startups and tech giants stand to benefit from harnessing the entrepreneurial and innovative spirit that start-ups bring to the table

RAJEEV CHANDRASEKHAR

The fear of a funding winter has set in among the country's start-ups. How do you view this development?

My experience has taught me that there will be cycles and volatility in investment and investors. Periods of confidence are followed by hubris and then corrections. This is almost a predictable cycle which I have seen many times. But through it all, ventures that have good ideas, execution and integrity endure and succeed. Talent is a magnet for investors, and it is innovation and winning good products and services that will always find capital.

It is certainly true that we are living in a challenging global scenario. Global trends, hyperinflation, sluggish growth and events, such as the Ukraine-Russia conflict and ongoing developments in the Middle East, are certainly increasing risk aversion and reciprocally slowing risk capital flows globally. However, India continues to stand strong as the world's fastest growing economy, a testament to our resilience. I am very confident that our start-ups and innovation ecosystem will navigate through these challenges.

Instead of being just a global back office of IT-enabled services, India has recently ventured into niche areas like semiconductor design and commercial space services. Where is India's innovation ecosystem headed?