Under pressure from global players like Amazon and Uber, Flipkart’s Sachin Bansal and Bhavish Aggarwal of Ola have urged the government to help Indian companies with policy support. Speaking at the Carnegie India Global Technology Summit in Bengaluru, Bansal said India needs to do what China did 15 years ago and “tell the world we need your capital, but we don’t need your companies”.
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Ola CEO Aggarwal on the other hand said while foreign companies espouse a narrative of innovation, “the real fight is on capital, not innovation”. He said the markets are being distorted by capital. Both Amazon and Uber look at India as major drivers of growth and have invested huge amounts here.
Claiming that these US companies could have an impact on the creation of high-value jobs in India, Bansal and Aggarwal made a case for local companies saying “if local players dominate the market, then security, data and privacy will all be under Indian control”. Aggarwal claimed it is easier for foreign companies to raise capital as they have profitable markets elsewhere.
When countered that both Flipkart and Ola have majority funding from abroad, Aggarwal said what makes a company Indian is entrepenuer and where the management team is based. He also said it is tough for Indian startups to meet the PM in comparison to a foreign guy.