A local entrepreneur will represent India at the G20 Young Entrepreneurs’ Alliance Summit (G20 YEA Summit) at Moscow, Russia, between June 15 and 17. The announcement was made in Bangalore on Wednesday by Young Indians, a part of the Confederation of Indian Industry (CII).
Twenty-six-year-old Siddarth Krishna Kumar, a member of Young Indians, did his schooling in National Public School, Indiranagar, and graduated later from the Carnegie Mellon University, U.S.
Following his father’s footsteps in choosing entrepreneurship, he started out with social enterprises, founded Phronimos, an Internet-based business enterprise, and currently works with Reap Benefit, an environment-based enterprise. He is also the chairperson of CII Young Indians Bangalore Chapter.
The summit will be hosted by the Centre for Entrepreneurship (CFE), an entrepreneurship development organisation in Russia and aims to foster international collaboration of industries to drive economic growth. With a congregation of entrepreneurs aged between 18 and 40, the summit will witness the brightest young minds addressing the common crucial issues faced by the G20 countries and making recommendations to the governments of the nations to solve them.
According to Mr. Kumar, this is a suitable platform to make the voices of the young entrepreneurs heard and their problems acknowledged by the government.
The recommendations from India will mainly be better tax incentives for start-ups and protection against bankruptcy, he said. Further, he said, “Although India is currently doing a good job by introducing schemes under the Micro, Small and Medium Enterprises (MSME) Ministry, it fails in implementation. [Bureaucratic hurdles are] also another major concern. Additionally, the government is always one step behind when it comes to new-age industries.”
While lauding the Karnataka government’s proactive role in assisting start-ups, he said it lags behind Gujarat and Maharashtra, and must harness the enormous talent pool available in the State. He pointed out that while the information technology (IT) sector will develop independent of government policy, the other sectors to look out for are aerospace, defence procurement and manufacture and biotechnology, for the development of which the government must step up its game.