DR. RAFI SHAIK

FOUNDER & CHIEF SCIENTIFIC OFFICER, CARBANIO.COM

START-UPS TO MAKE INDUSTRY AATMANIRBHAR

Success of ‘Aatmanirbhar Bharat’ can be achieved only when start-ups are given equal opportunities to grow and evolve

try independent of other nations while growing at both social and economic levels. Considering all the sectors of India, it is an undeniable fact that the Indian chemical industry is the largest and referred to as the backbone of the Indian economy. The chemical industry is huge and diverse and consists of companies of various sizes ranging from startups, small-sized, mid-sized, large and multinational companies. The journey towards making India self-reliant is possible only when there is an equal growth opportunity for all the companies. On a broader scale, the key to selfreliance is not just confined to improving the resilience of social and economic sectors, but there is a need for innovation that will help us emerge as an Aatmanirbhar country and a superpower among the world nations. Only start-ups can bring in a fresh, innovative idea that can change the course of many sectors. Hence, the growth of start-ups is not just for the economic benefit but also innovations and futuristic visions. One such example of a start-up that filled the operational gaps and streamlined the chemical procurement process

Aatmanirbhar Bharat, launched in the mid of across the nation is a company called 2020 is Indian Prime Minister Narendra Modi’s Carbanio.com. This start-up tried to vision to make India self-reliant. Self-reliance update the obsolete methodologies and of any country is important to strengthen its technologies used in the chemical ineconomic development, thereby, reducing its dustry with a new, innovative idea of dependency on other nations. The contrary is exactly what digitization that organized the entire led to the slump in the Indian economy during the complete chemical procurement process and oflockdown in China due to the rapidly spreading COVID-19 fered a seamless experience for both the pandemic. The most hit sector due to China’s lockdown was chemical buyers and sellers. the Indian chemical industry which incurred a huge loss. Like Carbanio, which is recogFurthermore, the Indian chemical industry being so nized by the government of huge and supporting various other sectors lead to a India and recently making surge of the nation’s economy as a whole. To recover the Indian economy from already suffered losses and further strengthen it to face even the worst scenario, it is important to make India self-reliant. It is possible only when individual, small and start-up businesses regain and “The growth ofstartups is not just for the economic benefit but also innovations and futuristic visions” national and international headlines, if other startups gain such support and growth momentum it would strengthen the chemical sector which endure a high growth momentum. The success of will eventually strengthen ‘Aatmanirbhar Bharat,’ can be achieved only when the entire economy of the start-ups in the chemical industry are given equal op- country. portunities to grow and evolve. In light of the growing emphasis on making India Aatmanirbhar; it can Redefining the roles of chemical start-ups be achieved only if start-ups are selfMaking India ‘self-reliant’ is a step towards making our coun- sufficient with the ability to grow and

flourish. Every step we take towards strengthening our start-ups is a journey we are covering to make India stand at par with other top nations. This is surely time-consuming but not impossible.

Undoubtedly, the Indian chemical industry is huge, standing 3rd in the Asia-Pacific region and 7th worldwide. Considering our area’s spread, the number of chemical companies, huge population, and younger demography, we should have made it to the top three on the global level. The reason we still haven’t made it to the top of the list is due to a lack of innovation in the sector. This can be achieved only by focusing on start-ups and encouraging the new, transformative ideas they bring along.

Contribution of start-ups

The country’s economy has been hit hard due to the rapidly spreading COVID-19, the biggest pandemic the world has witnessed in over a century. This has led to low manufacturing products, job cuts and a slump in the overall economy. To recover the economy and elevate it to greater levels is not possible by industry giants but only by next-generation entrepreneurs who can create new

jobs, introduce innovation, increase production and keep the economic cycle up and running.

The ‘Aatmanirbhar’ initiative can be well-utilized to ramp up the chemical industry. The innovation brought in by the start-ups will eliminate the dependency on huge, well-established brands. This has also helped the common man buy necessary chemicals at a decent price range, create confidence among other smaller entrepreneurs, generate local employment and overall increase the level of prosperity in the society.

The success of ‘Self-Reliant’ India can be celebrated the day when there exist an equilibrium and supportive ecosystem between the start-ups, smaller,

and larger organizations. This is the roadmap for building a self-sufficient chemical sector, which will eventually contribute to the nation’s economy.

“Success of ‘Self-Reliant’ India can be celebrated the day when there exist an equilibrium and supportive ecosystem between the start-ups, smaller and larger organizations”

How post-COVID era will open up new opportunities?

The post-COVID era for the Indian chemical industry looks quite promising. Having undergone a severe hit in the chemical and pharmaceutical sector due to China’s import restrictions during COVID-19, India is slowly recovering from the damage. This led to major movements in India namely “Aatmanirbhar Bharat” and “Make in India,” both of which focus on reducing the dependency on other countries and making our nation self-reliant.

The post-COVID era in the Indian chemical industry is considered to be a transformative period where young entrepreneurs with their innovative startup ideas will rule the industry. Furthermore, they will move up the value chain, increase the supply and demand, utilize the abundance of hidden talent, thereby contributing to the GDP of the country and also helping in the research and developmental activities.

Start-ups have been playing a major role in the growth of the chemical industry in the past few years. Even during the COVID-19 lockdown imposition, start-ups had made sure to supply the sanitisers, grocery, medicine and other essential commodities. Having supported the nation during the adversities, the start-ups have the spirit and capabilities to bring in a transformative change that the Indian chemical industry has possibly seen.