Ola Founder Bhavish Aggarwal Advocates For India's Leadership In Global Technology Transition

Published: Tuesday, August 27, 2024, 11:15 [IST]

Bhavish Aggarwal, founder of Ola, emphas the need for India to lead the global technology transition. Speaking with PTI editors, he highlighted the importance of the private sector in job creation and the government's role in creating an enabling environment and addressing trade imbalances.

Aggarwal the government's new EV policy that offers fiscal incentives to global electric vehicle (EV) makers like Tesla. He believes attracting such investments is crucial for developing India's EV ecosystem. "Tesla is a best-in-class company. The more companies like these invest into India, the better it is for India, in a broad sense as well for the industry," he stated.

India's Role in Global Technology Transition

Aggarwal stressed that India must develop its own EV and energy transition model tailored to its needs. He noted that without India's participation, a sustainable future cannot be achieved globally. "There is a global technology transition happening and AI is a very important technology of the future, and we in India need to lead this journey," he said.

Ola Electric, recently listed on the stock market, aims to position India as a global hub for electric vehicles. The company plans to produce electric two and three-wheelers suited to Indian requirements, diverging from the global focus on luxury electric cars.

AI Development and Data Ownership

Last year, Ola established AI start-up Krutrim to build AI models based on Indian data. Aggarwal explained that this initiative aims to create AI solutions attuned to Indian use cases. "We are making our own AI, on our own cloud, on our own chip," he added.

Despite India generating 20% of the world's digital data, Aggarwal lamented that 80% of this data is stored abroad. This data is processed into AI and then sold back to India in dollars. He stressed the importance of owning and processing data within the country.

Job Creation and Future Technologies

Addressing concerns about AI leading to job losses, Aggarwal compared it to fears during the IT boom when computers were expected to eliminate jobs. He reassured that AI would amplify productivity rather than replace jobs immediately. "AI is not going to replace anyone... We don't need to get anxious about that future right now," he asserted.

Aggarwal believes that embracing future technologies will create jobs and supply chains within India. "Future technologies bring with it jobs of the future... If we focus on protecting the past, you remain uncompetitive," he said.

The Role of Private Sector and Government

Aggarwal argued that while government initiatives like employment-linked incentives are beneficial, the private sector must take a more active role in job creation. "The government's job is to create the enabling environment... But fundamentally the private sector has to step up and do more," he noted.

When asked if the government is doing enough for private sector growth, Aggarwal shifted focus back onto businesses themselves. "Is the private sector doing enough? I think we all can do more," he remarked.

Ola's ride-hailing service remains profitable while investing in new ventures like e-commerce through partnerships with ONDC. This diversification aligns with their broader mission of making India a leader in various technological domains.

Aggarwal's vision underscores India's potential in leading global tech transitions by leveraging its vast digital data production and fostering innovation within its borders.