Aditya Ghosh, CEO, India and South Asia, OYO, on Friday underscored that the Indian companies need to live by certain rules and regulations to ensure they run with integrity and manifest great credibility to the world. He was speaking during the discussion on "Where Asia's Unicorns are born" at the India Economic Summit 2019 by the World Economic Forum.
"To create a level playing field, it is important that there should be regulations that make sure that businesses are run with integrity. Therefore, regulations should equally apply to small as well as big businesses so that we can truly stand upon the world platform and say companies coming out of India have great credibility, have great integrity," he articulated.
Ghosh added that India's budget hotel start-up OYO should not just be seen as an Indian start-up, but rather as a global company. The company's presence expands beyond Asia to places including the US and the UK.
Talking about what the government can do to encourage and nurture innovation and provide a more enabling regulatory architecture, Ghosh noted, "To create a level playing field it is important to make sure there are regulations [so] that businesses are run with integrity, it should equally apply to the small guy and the big guy."
He also largely agreed that the Indian culture needs to get better at accepting failure as part of the process of innovating, so that young entrepreneurs are more willing to take risks with start-up ideas.