India has all the ingredients to transform into a global tech hub, from an innovative digital stack and solid talent to world-class infrastructure and scale. Time and time again, we leverage cutting-edge technology in ways that have been revolutionary for both governance and democracy. As we enter the next decade of technological transformation, we must focus on reaping the full benefits of this era through strong investments in R&D and innovation and increased capital spending on skills-based education. By taking the right steps, we can ensure our success as a global technology hub.
Bypass “Techade” with cutting-edge technology
While the pandemic has taken a heavy toll on the international community, it has certainly played an important role in highlighting India’s growing capabilities in science, research and innovation. Whether through our vibrant start-up ecosystem and digital adoption, or through improved SaaS and engineering R&D, the country has demonstrated its capabilities as a global innovation hub.
In India, technology is advancing rapidly across all industries. Technological advancement has become the new normal, and consumers are becoming accustomed to technology-enabled services. Meeting these changing needs will require continuous innovation in technologies such as blockchain, quantum computing, artificial intelligence, drone deployment, and big data, all of which I believe will help deliver advanced services to consumers. We are currently developing inclusive technology to ensure services reach those who would not normally be considered within the reach of technology. This will help India provide advanced services to consumers in the future. Indeed, technology and innovation will play an important role in our overall goal of becoming a $5 trillion economy by 2025.
Fully exploit the potential of technology and talents
To best harness the power of technology, India must effectively leverage its strong talent base. Thanks to their unwavering ambition to become Aatmanirbhar while empowering the entire nation, the country’s uniquely talented and skilled workforce has now developed an agile and resilient mindset. The center’s relentless focus on large-scale development initiatives such as ‘Digital India’ and ‘Make in India’ fully complements the emphasis on self-reliance, driving the country’s hardworking population to adopt digital technologies, front-line entrepreneurship and pursue upskilling. These measures have had a dual impact on the country, with increased digital literacy and economic independence conjointly bridging the digital divide and enabling exemplary infrastructure improvements through innovative technologies. Another benefit of this push is increased employment, new jobs are created, and equitable growth is now a reality.
For technology to play its intended role in enabling our future, we must unleash the untapped potential of our vast pool of talented young people. I think talents should be cultivated from an early age, with a consistent focus on STEAM (Science, Technology, Engineering, Art and Mathematics) education. Furthermore, to prepare for the coming accelerated technological and industrial revolution, we should place greater emphasis on skills and reskilling.
Strengthen India’s global dominance
With visible green shoots emerging in India as we emerge from the grip of the COVID-19 pandemic, we must use this opportunity to foster an upward economic growth trajectory that can last into the next decade. Sustained and significant investment in technology and research and development is the best way to increase our digital capabilities and foster a resilient nation driven by talent and skills initiatives. We have overtaken the UK to become the fifth largest economy in the world. Moreover, India’s digital economy is projected to reach $800 billion by 2030 with rising internet penetration and income levels. India has always been known for its innovative spirit; the task now is to combine it with technology and talent to come together to lead global transformation from the cutting edge and create unimaginable success stories.
Opinions are personal. The author is the Managing Director and CEO of Tech Mahindra.