In today’s quick-changing, digitalised world, technical advancements always happen. Innovations are causing industries to modernise and speed up the digital transformation as a result of breakthrough technologies like Internet-of-Things (IoT), Artificial Intelligence (AI), blockchain and others being a part of businesses’ core strategy. Technological innovations can genuinely change the world, and it has succeeded a few times. For example, technologies like automatic vehicles, quantum computers, and worldwide satellite internet have made life easier and helped in humans’ daily activities.
Since Covid-19, the demand for digitisation and technological advancements has accelerated and solidified its significance in the modern world. In addition to helping with problem-solving and improving the customer experience, these technologies have lowered costs and given users a competitive edge in today’s fiercely competitive market. Digital and contactless payment, telehealth and 5G and information and communications technology industries saw a boost.
In India, the information technology sector primarily consists of two subsectors: Business Process Outsourcing (BPO) and Information Technology (IT) services. India holds a market share of over 55 per cent of the $ 185–190 Bn global services sourcing industry in 2017–18, making it the top sourcing location worldwide. Over 1,000 worldwide delivery centres operated by Indian IT and Information Technology Enabled Services (ITeS) companies have been established in about 80 nations. With almost 75 per cent of the world’s digital talent located here, India has emerged as the worldwide powerhouse for digital capabilities. The IT-Business Process Management (BPM) sector in India reached $ 177 Mn in 2019, growing by 6.1 per cent year over year. It is predicted that by 2025, the industry will reach $ 350 Bn in value.
India ranks third in the world’s most desirable locations for technology investments. Modern India has significantly emphasised science and technology because it recognises their importance for economic growth. India, over the years, has shown progress where technology or innovation hubs like Bangalore, Mumbai, Delhi and Chandigarh have increased and developed trade by enhancing sectors like automobile and telecommunication.
Cities in India are fostering and promoting innovation through education, the availability of a trained workforce, and more financial penetration. India has a vast potential to use its demographic advantages to focus on bringing about new advancements for various commodities and services. This includes areas like Edtech, health, pharma and the IT sector. All these sectors have massive potential for growth and attract investment. This will make it possible for the invention to spread to other areas and aid India in becoming the “innovation hub” of the globe.
After the United States (US) and China, India stands third in terms of the total number of unicorns in a nation, i.e. 107 unicorns, with a total valuation of $ 340.79 Bn in 2022. In addition to medicine, India has recently seen growth in its Edtech sector, which is anticipated to increase to $ 10 Bn by 2025. Edtech giants in India include Vedantu, Byju’s and Unacademy.
Technology-driven innovations have started to aid India in advancing its healthcare system quickly. This will enable India to create a durable national healthcare system that is organised, responsible, and inexpensive. India has been working on changing the healthcare system to a digital-based one through schemes, initiatives and policy interventions.
The government has introduced digital health sectors to make healthcare-related rules more flexible. Examples include the National Digital Health Mission and Ayushman Bharat Digital Mission (ABDM) which intend to build the foundation required to enable the nation’s integrated digital health system. The Covid-19 pandemic’s developments have encouraged doctors to learn technology and motivated the healthcare sector to invest in accessible digital solutions. These fostered the development of low-cost, technologically driven, and scalable technologies rooted in accessibility and affordability. In the pharma sector, India is also anticipated to increase its share of the pharmaceutical value chain from its current $ 50 Bn to $ 500 Bn by 2047, placing it among the top five nations in terms of value and first in terms of volume.
By putting a strong emphasis on renewable energy, cutting back on waste, effluents, emissions, and consumerism, as well as adhering to the 3R’s principles of Reduce, Reuse, and Recycling, India must have fully incorporated environmental sustainability into its growth models by the year 2047. India is transitioning to a green economy based on its dedication to environmental protection, as seen by initiatives like Panchamrit at the Glasgow Summit, the intended nationally determined contribution (INDC) aims to combat climate change and the National Action Plan for Climate Change.
India has also launched the One Grid, One World and One Sun (OGOWOS) initiative to create a global green energy grid focusing primarily on wind and solar power. This creates a global grid that can transmit sustainable energy anywhere, at any time. Adding to this EV industry is also developing so that India achieves its renewable energy targets and contributes to reducing global warming and climate change through technology and sustainable growth. The cascade of innovation in this sector captures the vision against climate change, with emerging innovations like Vehicle to Grid (V2G) systems, Wireless Electric Vehicle (EV) charging, wireless charging, and ultra-fast charge capacity.
Debjani Ghosh, president of the IT industry body, National Association of Software and Services Companies (Nasscom)said that “Technology is the greatest tool we have in our hands to actually be in a position where we can think of solving some of the really big problems that’s facing humanity.” She further said that India has tremendous potential to lead the shift from focus on innovation and implementation to actually creating large scale impact on sectors like education, environment, health etc. India has many global technology companies like Tata Consultancy, Infosys, HCL Technologies and others that have high-quality engineering and skilled talent.
India has significantly contributed to the country becoming the global hub for tech innovation over the past three decades. India has truly developed a world-class technology ecosystem, from its expanding Deeptech ecosystem that is addressing the major issues in healthcare, sustainability, and education to the “platformization” story that has shown the world how the nation has built one of the most reliable and inclusive digital public-good platforms. As India moves forward to complete 100 years of independence, the next 30 years will be a watershed moment for India and the tech industry as it moves from potential to becoming the technological and economic powerhouse of the world, enabling India to emerge as the third largest economy in the world.
The blog has been updated Bhakti Jain and Ishita Dhar.