Start-ups in the core manufacturing sectors are poised to play a crucial role in the success of 'Make in India' ambitions, said experts at a panel discussion at the 11th India Innovation Summit 2015 on Friday.
"Start-ups in the fields of telecom, defence manufacturing, automobile, Internet of Things, financial technology modules and mobile internet have immense potential to succeed in the scheme of 'Make in India'," said Siddhartha Das, general partner, VentureEast addressing aspiring entrepreneurs at the discussion on "Entrepreneurship - Role of Startups towards Make in India".
Ganesh Surayanarayanan, GM, IoT, Cloud and Analytics Solutions, Tata Sons, said that entrepreneurship and startups have become synonymous with e-commerce in the present times and highlighted that encouraging core manufacturing sector entrepreneurship is equally important.
Kajal Shah, co-founder of automotive startup Adarin ET revealed that her startup procured venture capital funding after a great difficulty.
Weighing in on a complaint made by Shah that start-ups do not approach banks for funding as banks demand proof of assets and financial information of a company for the past three years, Rajni Mishra, chief general manager, State Bank of India said: "Companies should have promoters stake and commitment to scale up operations without unnecessary diversification ambitions."
Mishra said that SBI has partnered with e-commerce player Snapdeal for financing its nearly 1 lakh sellers to enable scaling up operations.