The Indian Startup ecosystem is a thriving and dynamic landscape, with innovation at its core. India has the able leadership of Prime Minister Narendra Modi under which the Indian Startup ecosystem has grown exponentially over the past few years with initiatives such as Startup India, Made in India, etc.
Recently, at the Erudition event held at the NDMC Convention Center in New Delhi, TICE had an exclusive interview with Ruhail Ranjan, Director of Finance at the BRICS Chamber of Commerce and Industry. He shared his perspectives on the role of inspirational leadership in the Indian Startup ecosystem, the BRICS Chamber's contribution to the Startup 20 initiative, and the synergies between BRICS nations and the global startup community.
Inspirational Leadership and the Indian Startup Ecosystem
The Erudition event at NDMC Convention Center placed a strong emphasis on inspirational leadership, innovative thinking, and visionary leadership. When asked about the significance of inspirational leadership in the context of the Indian Startup ecosystem, Ruhail Ranjan highlighted its pivotal role. He stated that inspirational leadership is crucial for any leadership role. India has a history of great leaders, and the presence of visionary leadership is instrumental in creating a conducive environment for startups to thrive. According to Mr. Ranjan, the past few years have seen a positive shift in the startup ecosystem in India, and with strong leadership, the future holds even more promise.
"Inspirational leadership is the most important aspect of any leadership. India has had some very great leaders and it will continue to have. So if you have good leadership then you have a good scenario for startups. We have a good environment currently in the last few years, there is a good environment for startups, and now startups are brewing like anything. So in the future also I'm assuming that the leadership would be better and the startup ecosystem would further improve as we learn and go ahead," Ranjan said.
BRICS and the Startup 20 Initiative
India's contribution to the G20, the Startup 20 initiative, is an important milestone. The BRICS Chamber of Commerce and Industry played a significant role in this initiative. Ruhail Ranjan explained that they invited startups from BRICS nations to participate in the events. This led to knowledge exchange and learning about the difficulties and advantages that startups face. For instance, the initiative revealed information about duty waivers when exporting commodities to South Africa due to BRICS laws. Moreover, the BRICS nations organize a Startup series event annually, inviting around 250 startups to pitch their value systems and connect with potential investors. This has resulted in several startups securing investments each year, making it a valuable platform for budding entrepreneurs.
"So in the Startup 20 initiative, we invited a lot of startups from BRICS nations to attend the events. There was a lot of knowledge exchange amongst us and we learned a lot from each other. What are the difficulties and what are the advantages? For example, we came to know that there are some duty waivers when you are exporting a few commodities to South Africa due to some BRICS laws. So that is something we came to know. And also in BRICS we have a Startup series event every year where we invite about 250 startups who pitch in their value system and they get investors. At least seven or eight of them get investors each year," he shared talking about the role of BRICS in fostering startups.
India's Leadership in the Global Startup Ecosystem
India is increasingly seen as a leader in the global startup ecosystem. Ruhail Ranjan spoke about the synergy between BRICS nations and the global community. He also touched on India's historical leadership role and its potential resurgence. India, with its substantial population and land area, holds a significant share of the world's resources. Moreover, the addition of more BRICS nations has consolidated their control over oil exports. This, coupled with the possibility of BRICS nations introducing their currency, creates a conducive environment for startups in India. Being associated with a nation that carries weight on the global stage offers a sense of security and support when establishing businesses abroad.
"India was the natural leader of this world and it is bound to happen that India will be again the natural leader of this world. It is just a matter of time. And BRICS plays an important role in this. I think Bricks will come up with their own currency in the next year or so. Once that is done, I think we are in for some interesting times and all this will help startups in our country because all these create a conducive environment. So if you are from a country that has some weight in the world, you go to another country, and you start a business there. Rest assured that you will be safe and you'll get help because they know you are from India and there are people behind you and you are not an easy target for them," he stated.
Key Takeaways From Erudition
Ruhail Ranjan shared his experiences at the Erudition event. He emphasized the importance of nurturing the current generation of leaders. One key takeaway from the event was the concept that "the more you give, the better you go." This principle encourages individuals to contribute positively to society. Additionally, he highlighted the role of the army in maintaining peace and stability, allowing others to focus on their work. Finally, he stressed the significance of having a mentor in life. Mr. Ranjan urged young individuals to seek guidance from mentors who align with their values, as this can significantly impact personal and professional growth.
The Indian Startup ecosystem is on an upward trajectory, with strong leadership, collaboration within BRICS nations, and a promising future on the global stage. Ruhail Ranjan's insights shed light on the essential elements that drive the growth of startups in India and the role of the BRICS Chamber in this journey.