India has all of the ingredients to transform into a global technology hub, from an innovative digital stack and vast talent to world-class infrastructure and scale. Time and again, we have leveraged cutting-edge technology in ways that have been nothing less than 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 robust investments in R&D and innovation, as well as increased capex for skill-based education. With adequate measures in place, we can ensure a successful run toward becoming the global technology hub.
Getting around the ‘Techade’ with technology at the forefront
While the pandemic caused significant losses for the global community, it did play an important role in highlighting India’s growing capabilities in science, research, and innovation. Be it through our vibrant start-up ecosystem and digital adoption, or through improved SaaS and engineering R&D, the country has demonstrated its ability to serve as a global innovation hub.
In India, technology is advancing at a rapid pace across all industries. Technological advancements have become the new normal, with consumers gradually becoming accustomed to technology-enabled services. Catering to these ever-changing needs necessitates ongoing innovation in technology areas such as blockchain, quantum computing, AI, drone deployment, and big data, all of which I believe will aid in the delivery of advanced services to consumers. We are currently developing inclusive technology to ensure that services reach those who are typically thought to be outside the scope of technology. This will help India deliver advanced services to consumers in the future. Indeed, in our overarching goal of becoming a USD 5 trillion economy by 2025, technology and innovation will play a significant role.
Leveraging the full potential of technology with talent
To optimally harness the power of technology, India must effectively leverage its strong talent base. The country’s uniquely talented and skilled workforce has now developed an agile and resilient mindset as a result of their unwavering ambition to become Aatmanirbhar while empowering the country as a whole. This emphasis on self-reliance is adequately supplemented by the center’s unrelenting focus on large-scale development initiatives such as “Digital India” and “Make in India,” prompting the country’s hardworking population to adopt digital technology, frontline entrepreneurship, and pursue upskilling. These measures have had a two-fold impact on the country, with increased digital literacy and economic independence working in tandem to bridge the digital divide and lead to exemplary infrastructure improvements enabled by innovative technologies. Another benefit of this thrust has been increased employment, with newer jobs being created and equitable growth now a reality.
For technology to play its intended role in realizing our future, we must unlock the untapped potential in our talented and large youth population. I believe that talent should be nurtured from an early age through a consistent focus on STEAM (Science, Technology, Engineering, Arts, and Mathematics) education. Furthermore, in order to prepare for the upcoming accelerated tech-cum-industrial revolution, we should increase our emphasis on skilling and reskilling.
Bolstering India’s global dominance
As we rise from the grip of the COVID-19 pandemic, visible green shoots are emerging for India, and we must leverage this opportunity to facilitate an upward economic growth trajectory capable of lasting through the coming decade. Sustained and significant investments in technology and R&D are the best way to boost our digital capabilities and foster a resilient nation powered by talent and skilling initiatives. We have surpassed the United Kingdom to become the world’s fifth-largest economy. Moreover, as internet penetration and income levels rise, India’s digital economy is expected to reach $800 billion by 2030. India has always been known for its innovative spirit; the ask now is to combine it with technology and talent in a concerted effort to lead global transformation from the front and create unimaginable success stories.
Views are personal. The author is Managing Director & Chief Executive Officer, Tech Mahindra.
