Decoding the missing pieces in India’s tech puzzle: Mint CEO roundtable

India's technology industry finds itself at a pivotal moment, bursting with talent and innovation yet hindered by a lack of financial resources and strategic policy direction. This critical discussion unfolded during the Bengaluru chapter of the Mint Leadership Dialogues 2025, where a panel comprising industry experts, investors, and technologists examined the current state of India's tech ambitions. T.V. Mohandas Pai, chairman of Aarin Capital Partners, articulated the urgency of addressing capital shortages. He noted, "To be a leading tech power, we need human, physical, and financial capital. While we excel in human resources and have emerging physical infrastructure like data centers, we are falling short on financial support. For instance, while global giants like OpenAI attract billions in funding, India's initiatives remain on a much smaller scale." Highlighting the stark contrast in investment, Pai pointed out that the United States invested $2.35 trillion in startups over the last decade, compared to India's mere $160 billion, a significant portion of which came from foreign sources. Sudhir Sethi, founder and chairman of Chiratae Ventures, echoed these sentiments, emphasizing the reliance on international capital in sectors like AI and semiconductors. He asserted, "If we continue to depend heavily on foreign investment, we are not taking enough risks in supporting our homegrown innovations." Deepak N.G., managing director of Dassault Systèmes India, offered a more optimistic perspective, suggesting that the competitive nature among Indian states could foster a healthy environment for diverse policies. He proposed the need for a unified national policy to boost research and development funding, as current spending levels are insufficient. Faiz Shakir, vice-president at Nutanix, raised concerns about the trend of startups relocating to Silicon Valley in search of better investment opportunities. He warned that while capital exists, it often favors the U.S. over Indian markets, potentially stunting domestic innovation. Sajai Singh from JSA Advocates highlighted the intellectual property issues that encourage companies to shift headquarters to the U.S., where IP protections are stronger. He stated, "This trend not only affects capital flow but also the potential for India to nurture its technological advancements." Amidst these challenges, Manish Gupta, chairman and CEO of Indegene, noted a duality in India's current situation—both a crossroads and a breakout moment. He drew parallels to historical migrations of skilled workers to the U.S., suggesting that many talented individuals are now looking to return to India, thus presenting a significant opportunity for growth. Venkatraman Narayanan from Happiest Minds emphasized that while the tech sector is predominantly service-oriented, a shift towards capital investment in innovation is crucial for the future. He urged major IT firms to redirect their profits into fostering innovation rather than merely focusing on short-term gains. Lastly, G.N.V. Subba Rao from ABB India remarked on the necessity of making tough choices between further developing the service sector or expanding manufacturing capabilities. He concluded, "This moment presents a golden opportunity for India to attract more manufacturing, especially as global markets seek alternatives." The panel's discussions highlighted the urgent need for India to align its vast talent pool with adequate financial and policy support to elevate its standing in the global tech landscape.