In the recent past, cutting-edge technologies have altered the world and how we see it. Artificial Intelligence (AI), Machine Learning (ML), the Internet of Things (IoT), and the rollout of 5G have a crucial role to play in India’s digital journey, as do quantum computing and blockchain.
Under the Indian Government’s initiative to adopt innovative and inclusive technology, Prime Minister Narendra Modi has called to make this decade a ‘techade’ (technology decade) for India. As such, transformational leaders from different sectors, particularly in the IT space, have a pivotal role in scripting India’s digital success.
Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv Ltd., reacting to the Prime Minister’s speech, also highlighted India’s growth potential. “India has a golden opportunity over the next 10-20 years to grow 8-10 percent as an economy. However, to achieve that, we must continue focusing on building a solid set of domestic financial institutions.
India has the largest arable land, so we have a huge opportunity to improve productivity and quality. So, corporates need to enter the agri-sector to digitise and bring the power of technology to agriculture,” he says.
So, how does India realise this vision of turning this decade into a techade? Read on to find out.
Navigating Growth in the Data-led Global Economy
Technological development and consumption based on these technologies have ramped up the data available today. This has led to the development of tools to leverage this data. According to the NASSCOM, the recent technological developments and mass urbanisation are set to lead our economy to a big data explosion.
This number is expected to reach 175 zettabytes by 2030. As per their estimates, 80% of this data will remain unstructured and 30% will be real-time, and almost two-thirds of it will be machine-to-machine (M2M) data.
This will only further necessitate different organisations to develop data-led revenue models to make up for the cost of managing massive data. The fact that 4 of the currently top 10 publicly-listed largest companies came into existence in the last 10-15 years is indicative of the rise of data-native businesses.
These data-led businesses have leveraged the potential of data sharing and analysed it for revenue opportunities to scale more efficiently than traditional businesses, which bank on their non-replicable physical assets.
Forecasting the future as the new Asian age, many experts believe that tech-led Indian entrepreneurs will be able to leverage consumer, machine, and operations data to predict and fulfil using their asset-light aggregator models.
With the rise of AI, IoT, and Machine Learning, exploiting Big Data monetisation models will provide organisations with a competitive edge. It will also add a value impact on customer experience compared to companies still operating on traditional revenue models.
Leading India to Set an Example for Others
India recently surpassed the United Kingdom to become the fifth-largest economy in the world in terms of GDP. Technology and transformational leaders have been great enablers of this fast-paced economic growth. Moreover, as per-capita income and internet penetration in India is constantly rising, the digital economy in India is set to reach a valuation of $800 billion by 2030.
While the world still struggles with supply chain disruptions and fears of grappling with recession, India is on track to post a 7% growth in its GDP. India needs to usher in the techade itself as the fastest-growing major economy in the world. Fueled by its technological capabilities, India can lead by example at a time when the world is looking toward the East in this new, emerging economic order.
In a list of 132 countries in the Global Innovation Index, India stands at the 46th position, which indicates that India already has a strong innovative foundation. This is also reflected in India filing over 61,000 patents in 2021.
India ranked 6th in the World Intellectual Property Organisation (WIPO) report in terms of the number of filing of patents of intellectual property rights (IPRs), which transformational leaders in India have considerably improved over the years.
The Indian IT service industry, from the economic liberalisation of 1991-92, has been an enabler of this exponential growth. In today’s highly digitised world, the Indian ICT sector provides 55% of IT outsourcing services for the world. The industry’s revenue in FY22 rose to $227 billion, contributing to creating more than 500,000 jobs in the country.
Against this backdrop, India has assumed the presidency of the G20, which provides it with an opportunity to shape the future and build measures to create a resilient digital global economy.
Positioned favourably, India’s policymakers, growth-enabler businessmen, and civil society will need to collaborate to channelise its technological prowess towards creating a new digital economic order.
Top business leaders in India will have a significant role in driving this growth story forward with further investments in upskilling the workforce and preparing for the future of work. India has all the prerequisites to transform this decade into a techade. From Make in India, the country has now shifted the focus to Make in India for the World.
Indian entrepreneurs also leverage technologies to help their businesses harness their full potential and capture bigger market shares. However, entrepreneurs need a renewed focus to amplify the adoption of technology and bring about true enablers of growth. One that intentionally promotes innovative solutions that cater to the digital needs of the modern citizen.
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