At the present time, India cannot be called a developing country or an economy with great potential. It is in fact one of the top five economies of the world, on its way to become one of the top three economies by 2025. However, this is mostly attributed to the large population of India, where most of the wealth is with the top 1% of the population. How can this be changed? How can the economy be boosted when the unemployment rates are increasing every year.
The answer to these questions is to encourage the emergence of start- ups in the country.
Whenever, a start-up rose through the ladders of competition in a business, it did not just provide employment, and became a money making engine for the middle class, but it transformed its home city. The transformation of Bangalore with the emergence of Infosys or the google-led transformation of California are just two among the countless.
India –even though a large economy lags behind many countries, in sectors such as healthcare and automation; aerospace; energy and automation. Start-ups spur innovation and boost competition within the country, hence improving the economy. With an expansion in the start-up culture, India can revamp its image in the global market.
The national start-up awards and the announcement of a 1000 crore seed fund by the government has brought Indian start-ups to the limelight.
Here’s a few which have the potential to steer the country’s economy in the right direction.
1. AEROSPACE SECTOR
This industry has primarily been steered by the Public sector Unit. There is no doubt that ISRO and DRDO have carved a niche for themselves in the country, but a new space age requires better competition. Some notable innovators in this sector are:
i) Skyroot Aerospace:
founded by former engineers of rocket design at ISRO, this national award-winning start-up can be pivotal in changing the way rockets are manufactured in the country. The Vikram series rockets (named after Vikram Sarabhai- The Father of Indian Space Program), are an affordable but reliable ride to space. Developed for the small satellite market, the rockets require minimal infrastructure and can be assembled within 24 hours.
ii) Bellatrix Aerospace:
This start-up will take our Aerospace industry, a few steps closer to clean technology. Chetak- the upcoming Nano satellite launch vehicle of the company uses liquid methane as fuel. With its innovative technology, the company promises to reduce the waiting time between the launch of two satellites, hence saving more fuel.
Founded by 5 IIT graduates, ideaForge is an Unmanned Aerial Vehicle (UAV) manufacturing company. Since its inception, the company has delivered high-performance, durable drones to the Indian Armed Forces and other notable clients. A few of these drones were used in the Pathankot Operation. The rapid development of the company, in research and production, has been driving-in investments from tech giants such as Infosys.
2. HEALTH AND SANITATION
India, is amongst the worst performers in the health and sanitation sector. The way the pandemic was handled in the country is a clear proof of that. Moreover, the urban population is becoming unhealthier by the day. Although, the healthcare industry is dominated by the private sector, every middle- class Indian can vouch for its poor performance. The country is in dire need of innovative start-ups that aim to improve this sector from the ground up.
This Bangalore- based company is a pioneer in digital healthcare. It has been taking large strides towards better healthcare by looking at how artificial intelligence and machine learning can assist the doctors. The company largely provides its services to the population in the six metropolitan cities. However, a significant number of its users come from smaller cities. It also aims at increasing the reach and capabilities of India’s doctors, to remote areas.
Quicker consultation and help from doctors can save countless lives and increase the health- consciousness of Indians.
The aim of this company is to promote healthy lifestyle among the internet-using population. The main areas of their work include:
~cult.fit: Workout from home. With this initiative, they aim to make the process of becoming fit, enjoyable.
~eat.fit: This is a venture towards delivering healthy, yet scrumptious meals to the people. It also provides facilities like weight watch, which makes the journey of weight loss, easier and more effective.
~mind.fit: Aims at helping people prioritize mental health and practice mindfulness.
~care.fit: A new venture towards connecting patients and doctors, across the country without precious time being lost.
iii) Jack fruit 365:
India is the diabetes capital of the world and hence an innovative cure to this problem is being welcomed with open arms. When James Joseph, a former Microsoft director came up with this idea, his aim was to show why this fruit as a super fruit. Jack-fruit has the ability to decrease bad cholesterol levels and introduces more fiber into the diet.
In a country where 70% of the jackfruit produced is wasted, the company has been renewing the delivery, transportation and consumption of the fruit. It is one of the recipients of the national start- up awards of 2020.
Finally, a company which provides an innovative solution to the problems of the rural population. According to studies more than 40% of the world’s population will not have access to clean water, within 10-15 years. Taraltec aims to bring a change to this trend.
For the rural population who mainly depend on tube-wells, filters nd chemicals to purify this water will only increase the overall cost. Taraltec, came up with a solution for this issue -Reactors which work on the principle of snapping shrimps. These reactors are fitted into handpumps. They convert water into targeted microbubbles, which burst to create heat, pressure and, turbulence. This kills 99% of the germs. The technology does not require any maintenance and can be easily installed by a plumber within a few hours. This technology can be a savior to many villages in other underdeveloped countries with no access to clean drinking too.
3. ENERGY AND AUTOMATION
Due to its many uses in healthcare and beauty, aloe Vera can easily be called the ‘succulent of the decade’. Aloe-E-cell demonstrates yet another reason for it. This start-up debugs the myth that clean energy is expensive to develop. As the name suggests, the founders of the company have formulated a method to convert the chemical energy in Aloe Vera to electrical energy. Interestingly, the cost of developing it is 10% lower than conventional batteries, while it lasts 50% more than most batteries in common use.
Another ingenious solution to the clean fuel crisis. The company has come up with an idea to use algal biomass as fuel. For this, they have developed a technique called ocean farming, where algae is mass produced on seas. Another added advantage of ocean farming is that, one hectare of ocean plants can store 2-times the Carbon in a terrestrial forest.
iii) Fabheads automation:
Carbon fiber is light as polythene, but its strength is comparable to metals. Fabheads automation is revolutionizing the way carbon fiber can be used in the manufacture of composite parts. They use continuous fiber 3D printers to manufacture parts for various industries. These 3-D printers also guarantee great vertical strength, hence fixing the problem faced by most other 3D printers.
These are just a few of the diverse start-ups that have been budding in India. Provided, there is enough encouragement, these budding start-ups can revolutionize India as we know it, decreasing the brain-drain prevalent in the nation. A revamped start-up culture can not only support the economy but also improve the living standards of the average Indian.