Infosys founder Narayana Murthy said that there are opportunities in areas such healthcare, pollution, water etc., and entrepreneurs will have to look at them.
Indian entrepreneurs have to move away from being reactive problem solvers to proactive problem solvers as there are so many problems around, Infosys founder N R Narayana Murthy said. The renowned IT industrialist also highlighted areas of opportunities in sectors such as healthcare for entrepreneurs to build unique solutions.
“India is home to largest non-communicable diseases. We (Indians) consume salt like there’s no tomorrow. So if our entrepreneurs can think of mitigating the impact of salt (on our health) by working with researchers in institutes such as IITs etc., it is one area where India will benefit,” Murthy said at the IVCA Conclave – the private equity and venture capital industry summit.
Giving examples of diseases such as dengue and chikungunya among unique Indian health problems, Murthy also stressed on solving the challenge around lack of potable water, rising pollution level etc., instead of looking for ideas outside India.
“We have biggest water problem in the world., So if entrepreneurs can work on recycling water to clean it up and make it potable at the cheapest price then it is a big market. Also there is the issue of pollution. So our entrepreneurs will have to look at them,” said Murthy.
“There is no point in saying that Amazon, Uber started in the US and so we also have start in India. We have to confront our problems and solve them,” he added.
Pertaining to the regulatory issues such as angel tax (section 56(2)(viib) of the Income-tax Act, 1961) that led to a series of discussions among the government, startups, and industry associations followed by revised norms last month, Murthy said that while the participation of the government has made life somewhat easier (for startups) but there is still a long way to go.
The Department for Promotion of Industry and Internal Trade (DPIIT) on Wednesday raised the angel tax exemption limit from Rs 10 crore to Rs 25 crore for investment made into startups by unlisted firms or individuals. Also, investments by listed firms having a net worth above Rs 100 crore or annual turnover of Rs 250 crore will be exempted from any such limit, the Financial Express reported.