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IS INDIA WORLD NEXT START UP NATION
10 reasons why India is already the next startup nation
Prime Minister Narendra Modi in his last ‘Mann Ki Baat’ radio programme in December 2015 has promised to unveil the action plan for ‘Startup India, Standup India!’ on January 16. This could be a reason to cheer for the Indian startup community. We have a promise of difficulties coming to an end when it comes to starting up. In a comparison of per capita GDP, with $7,594 China’s per capita GDP is almost five times that of India, which stands at $1,596. However, all that is set to change as the government opens up and adapts to new startup-friendly policies.
We bring you some of the reasons why we believe this would be the right time to start up in India.
- This year, the total funding in India is about $ 9 billion, which is more than the GDP of Andaman and Nicobar, Sikkim, Arunachal Pradesh, Mizoram and Manipur combined.
- If Flipkart, our poster boy for e-commerce, were an Indian State, its valuation would be higher than the GDP of 13 States (Union Territories included). That is more than nearly half of the Indian States and Union Territories combined.
- India has the ninth largest GDP in the world, with around $2.07 trillion. With over 70 per cent of the population still living in villages, a huge portion of our GDP comes from Tier I and II cities, which means we still have huge potential to be tapped in villages.
- Snapdeal’s valuation is more than Vedanta or Grasim or GSK, companies which have been in existence for decades now.
- Indian rail is the largest public sector enterprise in the country. It is also the eighth biggest employer in the world, with over 1.4 million people. Inefficient reservations, streamlining the process, catering are still some of the problems which can be looked at as opportunities and can warrant startups of a different scale.
- India is home to 5.7 per cent of the world's Unicorns - startups that are valued at over $1 billion. When compared to the amount of funding available overseas, a very small portion of it is available to India and the amount is still growing. India's Unicorns are Flipkart, Snapdeal, Ola, Paytm, Quikr, Zomato, Mu Sigma, and InMobi.
- Seventeen finance companies received funding in 2015, of over $290 million, making this one of the most funded sectors of last year and also one showing great promise. With relaxed RBI guidelines in relation to payments banks, this is a new avenue for startups to innovate.
- Eleven companies in the B2C commerce space received funding to the tune of $3.377 billion, which also means that over 33 per cent of the funding last year was in these companies and over 50 per cent of these were Unicorns.
- Rural India is a huge market for startups, and the only way to tap this market is to go local. Going into vernacular languages is one of the best ways to capture this market. Presenting the same solutions, be it hyperlocal or e-commerce or even payments, in a different packaging around local languages will help people in Tier-III and rural areas adopt it. Indian entrepreneurs are at a distinct advantage in comparison to foreign players entering the space and trying the same solutions.
- According to the World Bank's Doing Business report, India was ranked 120 in 2008 and has slowed to 132 in 2014. The ranking has improved to 130 in 2016 and is poised to improve further considering a startup-friendly government.
eSign – Online Digital Signature Service
Introduction :--
For creating electronic signatures, the signer is required to obtain a Digital Signature Certificate (DSC) from a Certifying Authority (CA) licensed by the Controller of Certifying Authorities (CCA) under the Information Technology (IT) Act, 2000. Before a CA issues a DSC, the identity and address of the signer must be verified. The private key used for creating the electronic signature is stored in hardware cryptographic token which is secured with a password/pin. This current scheme of in-person physical presence, paper document based identity & address verification and issuance of hardware cryptographic tokens does not scale to a billion people. For offering fully paperless citizen services, mass adoption of digital signature is necessary. A simple to use online service is required to allow everyone to have the ability to digitally sign electronic documents
eSign
eSign is an online electronic signature service which can be integrated with service delivery applications via an open API to facilitate an Aadhaar holder to digitally sign a document. Using authentication of the Aadhaar holder through Aadhaar e-KYC service, online electronic signature service is facilitated
Salient Features of eSign
Save cost and time
Aadhaar e-KYC based authentication
Improve user convenience
Mandatory Aadhaar ID
Easily apply Digital Signature
Biometric or OTP based authentication
Verifiable Signatures and Signatory
Flexible and fast integration with application
Legally recognized
Suitable for individual business and Government
Managed by Licensed CAs
API subscription Model
Privacy concerns addressed
Assured Integrity with complete audit trail
Simple Signature verification
Immediate destruction of keys after usage
Short validity certificates
No concerns regarding key storage and key protection
Easy and secure way to digitally sign information anywhere, anytime - eSign is an online service for electronic signatures without using physical cryptographic token. Application service providers use Aadhaar e-KYC service to authenticate signers and facilitate digital signing of documents.
Facilitates legally valid signatures - eSign process includes signer consent, Digital Signature Certificate issuance request, Digital Signature creation and affixing as well as Digital Signature Certificate acceptance in accordance with provisions of Information Technology Act. It enforces compliance through API specification and licensing model of APIs. Comprehensive digital audit trail, in-built to confirm the validity of transactions , is also preserved.
Flexible and easy to implement - eSign provides configurable authentication options in line with Aadhaar e-KYC service and also records the Aadhaar ID used to verify the identity of the signer. The authentication options for eKYC include biometric (fingerprint or iris scan) or OTP (through the registered mobile in the Aadhaar database). eSign enables millions of Aadhaar holders easy access to legally valid Digital Signature service.
Respecting privacy - eSign ensures the privacy of the signer by requiring that only the thumbprint (hash) of the document be submitted for signature function instead of the whole document.
Secure online service - The eSign service is governed by e-authentication guidelines. While authentication of the signer is carried out using Aadhaar e-KYC services, the signature on the document is carried out on a backend server of the e-Sign provider. eSign services are facilitated by trusted third party service providers - currently Certifying Authorities (CA) licensed under the IT Act. To enhance security and prevent misuse, Aadhaar holders private keys are created on Hardware Security Module (HSM) and destroyed immediately after one time use.
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