Amazon SMBhav venture fund grows to $350 million, Dr Jitendra Singh hails its role in driving AI innovation & local manufacturing

New Delhi: Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh, speaking at the “Amazon SMBhav 2024” summit here, emphasized India’s extraordinary strides in innovation, entrepreneurship, and public-private collaboration as cornerstones of the nation’s journey towards becoming a developed economy by 2047.

Lauding Amazon’s expanded $350 million allocation targeting manufacturing and AI StartUps, the Minister described AI StartUps as India’s “Growth Catalysts”.

Dr Jitendra Singh highlighted India’s transformation from being among the “Fragile Five” economies a decade ago to ranking among the top five globally. He attributed this success to bold government policies, including opening key sectors like space and biotechnology to private players, and fostering a thriving startup ecosystem. “India is now home to nearly 1.75 lakh startups, up from just 350 in 2014, and ranks third globally in the startup ecosystem. This journey is nothing short of remarkable,” said Dr. Jitendra Singh.

Amazon SMBhav 2024, now in its fifth edition, brought together thought leaders, industry stalwarts, entrepreneurs, and policymakers under one roof. The summit featured over 50 interactive booths at the Smbhav Pavilion, showcasing advancements in artificial intelligence, sustainable business practices, and digital transformation tailored to the needs of MSMEs.

SMBhav Venture Fund, launched in 2021, was a focal point this year, with an expanded $350 million allocation targeting manufacturing and AI StartUps. Dr. Jitendra Singh lauded the fund’s role in nurturing cutting-edge technology solutions and empowering local businesses to compete globally.

The Minister acknowledged the theme of the event, “Naye India Ki NayiRaftaar” (New India’s New Momentum), and remarked on its appropriateness. Drawing from his background in science, Dr. Jitendra Singh stated, “As someone belonging to the fraternity of science, we have been taught not to speak without evidence. I think there is enough evidence to justify this theme.” He emphasized how India’s progress in innovation and entrepreneurship exemplifies the rapid momentum envisioned by the theme.

Dr. Jitendra Singh highlighted how landmark policies such as Bio-E3—focused on biotechnology for the economy, employment, and environment—are setting the stage for a bio-economy-driven industrial revolution. Similarly, he underlined the achievements of India’s space sector, which has grown from a single-digit startup presence to over 300 private entities within three years, thanks to forward-thinking reforms.

“India has not only reached global benchmarks but is now setting them,” remarked Dr. Jitendra Singh. He cited examples such as the launch of a DNA vaccine for COVID-19 and the establishment of the Global Partnership in Artificial Intelligence (GPAI) to illustrate India’s leadership in science and technology.