The technology industry in India has shown strong resilience even during the COVID-19 pandemic. Investment in the industry is currently at 38 billion dollars. Strong and sustained growth in the sector provides an opportunity for the country to be the tech garage of the world.
A significant portion of the investments made went to the companies based on Software as a Service (SaaS) who witnessed a major growth fueled by increasing demand for digital tools and automation during this crisis. The fastest-growing jobs are artificial intelligence specialists and data scientists.
India has a vibrant startup ecosystem and is the youngest country in the world. In 2019 alone, 1,300 startups were added and India is currently the third-largest startup ecosystem in the world.
The private equity investment hit a 10-year high at 17.3 billion dollars in 2019. Investors have confidence in India as the nation was able to turn around the COVID-19 crisis by presenting itself into a preferred investment destination.
India can successfully find solutions to challenges by developing innovative digital technology solutions in sectors such as healthcare, education, financial inclusion, modernization of agriculture, and others.
India`s IT/ITeS industry is a global powerhouse, however, the massive 167 billion dollar IT industry comprises of only software services and back-end support. The shortcoming lies in platform companies that can compete with global players.
The development of world-class products requires skillful application of artificial intelligence (AI). India lacks in product managers, AI scientists, product designers, and software engineers.
The government has a critical role to play in positioning India as the tech garage of the world. It should act as a catalyst, and bring together synergies from the private sector to innovate for India and the world. The government can provide an enabling environment and a favorable regulatory ecosystem for the development of technology products and provide the size and scale necessary for their rollout. Product development should be ideally taken through private entrepreneurship with the government merely acting as a facilitator.
The ability of the country to provide technological solutions for a vast and diverse population will also provide a unique opportunity to present a roadmap for addressing the needs of the next 7.5 billion people of the world.