"Growth comes when government is first buyer," says G20 Sherpa Amitabh Kant

Kant underscored the necessity of studying Israel's approach to innovation, particularly in sectors such as military technology, cybersecurity, and defense equipment.

He highlighted that Israel's significant growth in these areas stemmed from the government's role as the first buyer.

Kant said, "There is a need for us to learn from other countries one of which is Israel because they started innovating in military tech, cyber security, defence equipment. By initiating procurement and aggregating demand, the government catalyzed growth for startups, ultimately driving economic expansion."

"Growth comes when government is the first buyer," stated Kant. "By emulating Israel's procurement strategies, we can provide the impetus needed for Indian startups to thrive and contribute to the nation's growth."

Furthermore, Kant advocated for the establishment of similar procurement initiatives, akin to India's Defense Expo (IDEX), across five to six other ministries.

This, he argued, would create additional opportunities for startups to secure government contracts, fostering innovation and economic development across various sectors.

Kant stated, "If they (government) are able to aggregate and make the first procurement then it will be the biggest catalyst for driving the big growth in many of these startups which are able to create growth for India. Therefore, my belief is that we need like IDEX is doing or defence, you need to create IDEX in 5-6 other procurement ministries."

Addressing concerns regarding gender representation in the startup ecosystem, Kant emphasized the pivotal role of women in driving India's entrepreneurial landscape forward.

He commended the efforts of Prime Minister Narendra Modi in advocating for women-led development within the G20 nations, citing it as a significant step towards inclusivity and progress.

"Lastly many people said there, is about women representations, my view in this is huge push for women led development by the prime minister in G20 is a great example," Kant asserted.

Kant added, "We were able to bring women led development across all the G20 countries from China to Saudi Arabia and everybody agreed to women led development and therefore the startup movement of India must be driven by the women of India in a very big way. We need women as innovators and founders."

By advocating for strategic procurement policies and championing women's participation, he highlighted key pathways for fostering innovation and driving inclusive growth in the country. (ANI)