Edward Knight, Chairman of USIBC (US-India Business Council) and Executive Vice Chairman of NASDAQ, recently shared insights into India's thriving entrepreneurial culture, the promise of artificial intelligence, and potential collaborations between India and the United States.

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Knight believes that India is poised to become home to over 200 unicorn startups by 2025, a testament to the country's robust entrepreneurial culture.

"By 2025 India should have close to or over 200 unicorn startups in this economy. That is one example of the entrepreneurial culture that you have in the country and the fact that the opportunity for growth in public and private companies and in technological innovation is here.

"So given the workforce in India, given the demographics of India, given the legal system in India, all those things come together with the entrepreneurial spirit here to create a hothouse if you will for innovation and leadership particularly in the technology area," Knight said.

Knight acknowledges the transformative potential of artificial intelligence (AI) in shaping the world's future. He sees AI as a tool that could play a pivotal role in finding solutions to complex challenges, including the pursuit of a cure for diseases like cancer.

However, he underscores the importance of establishing guardrails and collaboration between India and the United States. The two nations could work together to develop the necessary infrastructure for AI, including data centres, cloud computing, and data policies. AI and cybersecurity he believes, offer an ideal avenue for collaboration between the two countries.

Recently, JPMorgan Chase & Co. announced that it will be including Indian government bonds (IGBs) into its benchmark Emerging Market index, starting June 28, 2024. The inclusion of the IGBs will be staggered over a 10-month period from June 28, 2024, to March 31, 2025, implying an inclusion of 1% weightage per month.

Knight highlighted that India's inclusion in the JPMorgan Bond Index could lead to an additional $25 billion in investments once implemented. This development will facilitate better access to global investors, enhancing India's position on the global financial stage, he said.

The Chairman of USIBC also expressed the United States' desire to collaborate with the Indian government to increase capital creation, ensuring it aligns with India's legal framework, values, and economic policies.

Watch the accompanying video for the entire conversation.

First Published:Oct 19, 2023 11:34 PM IST