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Technology and innovation are at the heart of transforming India. A notable feature of this landscape is that the focus is not restricted to any single sector or group. India has certain inherent strengths that support a vibrant startup culture. First, robust economic growth and a demographic dividend have created a large domestic consumer base with rising purchasing power. Second, a large number of STEM (science, technology, engineering, mathematics) graduates are eager to take part in India's technology revolution.
Third, many entrepreneurs are keen to address the opportunities and challenges that India offers. GoI, too, has focused on easing the business environment for startups, removing regulatory barriers for MSMEs, and building infrastructural platforms to facilitate technology solutions. In this environment, more than $40 billion has poured into the Indian startup ecosystem since 2014. The high level of investment emphasises global and domestic investors' confidence.
Take the financial services sector. The development of Unified Payments Interface (UPI) a real-time payment system that works across banks-has been a game-changer. Together with initiatives like RuPay to support electronic payments, it has democratised access to finance for a large section of India's population. Tricog, another startup, uses AI for real-time cardiac diagnosis. Through its cloud-based electrocardiogram (ECG) machines installed at health centres, Tricog helps doctors detect heart complications faster than conventional methods.
Within education, firms are using technology to address the lack of quality teachers, access to infrastructure as well as diverse pedagogical needs. For example, Embibe, which uses advanced AI for personalised learning platform, is disrupting the education sector by improving learning outcomes at the individual student level. Embibe's 'relative quartile jump' methodology works on students’ behaviour traits and sets goals for improving behaviour. Using a smart test generation system combined with intelligent content ingestion, the platform generates learning paths and curves to improve students' learning and scoring capability.