Tech industry sees techade as viable proposition to fuel growth

tech industry sees techade as viable proposition to fuel growth

The government is focusing on technologies, such as 5G, semiconductor manufacturing and optical fibre cables, to bring about the digital revolution at the grass-roots level.

By Ayushman Baruah and Tushar Goenka

The tech industry sees government’s digital push as a viable proposition to boost technological innovation and digital advancements to fuel India’s growth in this decade of technology, also referred to as ‘techade’.

Prime Minister Narendra Modi said on Monday that Digital India initiatives have spurred the growth of startups in the country with a lot of talent coming from tier II-III cities. The government is focusing on technologies, such as 5G, semiconductor manufacturing and optical fibre cables, to bring about the digital revolution at the grass-roots level. “We are ensuring that optical fibre reaches each and every village until the last mile. I am fully informed that the dream of Digital India will be attained through rural India,” he said.

Industry experts believe that with the right assistance, India can indeed become the technology hub of the world. “Indian technology companies and startups are ranking high-up in the world, and the growing number of unicorns are a shining example of our progress over the years. A collaborative industry-government association is helping bridge gaps in digital talent, innovation by setting up CoEs, deployment of emerging technology and policy changes are helping the economy flourish, innovate and progress,” Nasscom said in a statement.

Startups have been investing in research and development (R&D) in India to spur growth. Ola Electric, which just launched its new electric two-wheeler and aims to introduce a premium electric car by 2024, claims to be investing heavily in core technologies to make in India, for the world. A bulk of these technologies are being developed at Ola’s internal R&D facilities.

Last month, the company promised to invest $500 million in developing its own cells, used in electric vehicles (EVs), at Ola’s battery innovation centre (BIC) in Bengaluru. “We genuinely believe we can make India the EV hub of the world…the EV revolution around the world is just getting started, just a few years in. For India to lead this change, we have to, as an industry, invest now, invest aggressively, invest at scale. And not just invest into selling products made elsewhere, or only manufacturing products but genuinely doing the core R&D, or the anusandhan behind all of this,” said Bhavish Aggarwal, founder and CEO of Ola.

IBM India was the second-highest contributor after the US, with 930 patents being granted in 2020 to its employee inventors in the country. The technology major said its employee inventors worldwide received 9,130 patents in 2020 and topped the US Patent List for 28th consecutive year with innovations in artificial intelligence, hybrid cloud, quantum computing, and cyber security.

Filing of intellectual property (IP) patents in India rose 30% in the last five years while the number of patents granted during the same period almost tripled, according to the Economic Survey 2021-22. The survey noted that 58,502 patents were filed in India in 2020-21, up from 45,444 in 2016-17. To be sure, the survey pointed out that the number of patents granted in India remains a fraction of China, the US, Japan, and South Korea.

A large part of this technological growth is also coming from the tier II-III cities as companies look beyond the saturated markets. Indian IT services firms like Tata Consultancy Services, Infosys, Wipro, HCL Technologies, and Tech Mahindra are increasingly looking to tap the nascent talent pool from smaller towns to drive the next phase of their growth.

Modi also said that currently, 40% of the global real-time digital financial transactions are happening in India. Sandeep Patil, partner, head of Asia – QED Investors, a fintech-focused venture capital firm, acknowledges that while the pace of innovation is high, the Indian regulators can take further steps to accelerate the fintech push. He said that primarily, the government should aim to convert savers into domestic investors by providing tools and techniques to invest in alternate asset classes and go beyond the mindset of parking money in savings accounts.

“Also, simplifying the mechanisms on the foreign capital and from where it can come into India, the kind of rules, restrictions and implications need to be clearly mentioned so it becomes a level-playing field and there is a clear idea on how to go about investment plans. There are efforts on this front but some more clarity would be appreciated,” Patil explained.

News Related

OTHER NEWS

ONDC launched in Bengaluru to take on Amazon and Flipkart, here’s what it means for small traders

ONDC allows consumers to buy products from vendors on any platform, no matter which app they are registered on. Earlier people in India could call up and order supplies from ... Read more »

PM Modi's convoy gives way to ambulance in Gujarat | Watch

Prime Minister Narendra Modi’s convoy halted on Ahmedabad-Gandhinagar road to make way for ambulance Prime Minister Narendra Modi’s convoy halted on the main road in Gujarat to make way for ... Read more »

Delhi Airport T3 is now 5G-ready, promises 20-times faster connectivity to passengers

Delhi International Airport has become the first 5G-ready airport in India. The airport authority has announced that Terminal 3 is now ready to host 5G network connectivity for passengers. The ... Read more »

Noida Grand Omaxe case: Authorities demolish 100 illegal encroachments after Shrikant Tyagi's wife complained "why only us?"

Anu Tyagi stopping the bulldozers from demolishing plant trees. Noida: The Noida authority has bulldozed over 100 illegal encroachments at Noida Sector 93 B’s Grand Omaxe society. The action was ... Read more »

Flipkart Big Billion Days sale 2022: Last day to get Apple iPhone 13 under Rs 45,000

Flipkart Big Billion Days sale 2022: Last day to get Apple iPhone 13 under Rs 45,000 Flipkart Big Billion Days sale 2022 is ending today and this may be the ... Read more »

'Treat me like an engineer': Twitter CEO Parag Agrawal responds to Elon Musk's 'don't think I should be a boss' remark

‘Treat me like an engineer’: Twitter CEO Parag Agrawal responds to Elon Musk’s ‘don’t think I should be a boss’ remark Twitter CEO Parag Agrawal and Tesla CEO Parag Agrawal ... Read more »

Nitin Gadkari to Mercedes-Benz: Produce more cars in India so that middle-class can also afford them

Nitin Gadkari to Mercedes-Benz: Produce more cars in India so that middle-class can also afford them With over three lakh electric vehicles (EV) sold in the Indian market last year, ... Read more »

Malaysia Twin Tower-themed Pandal is a Crowd Puller in West Bengal's Kalyani, Watch Video

Malaysia Twin Tower-themed Pandal is a Crowd Puller in West Bengal’s Kalyani, Watch Video A slew of grand Durga Puja celebrations are back in West Bengal and the state has ... Read more »

Delhi-Hapur Travel Becomes Expensive From Today, Toll Rates Increased By ₹15 | Details Here

Delhi-Hapur Travel Becomes Expensive From Today, Toll Rates Increased By ₹15 | Details Here Delhi-Hapur toll rates: From today, travellers on Delhi-Hapur Highway will have to shell out extra money ... Read more »

The science behind touching elders' feet or prostrating before God EXPLAINED

the science behind touching elders’ feet or prostrating before god charan sparsh benefits sashtang pranam New Delhi: Ever seen at family gatherings how elders are greeted not just with a ... Read more »

This multibagger stock zoomed over 11,000% in 10 years! Is it still a good bet?

This multibagger stock zoomed over 11,000% in 10 years! Is it still a good bet? Shares of Deepak Nitrite have delivered over 900 per cent return to its shareholders in ... Read more »

Mercedes India CEO takes an auto-rickshaw after getting stuck in Pune traffic. Internet reacts

Mercedes India CEO takes an auto-rickshaw after getting stuck in Pune traffic. Internet reacts Netizens were perplexed when Mercedes-Benz India CEO Martin Schwenk shared a post of him riding an ... Read more »

Raging Bulls! Sensex Jumps Over 1,200 pts, Nifty Atop 17,150; Why Market is Rising Today

Raging Bulls! Sensex Jumps Over 1,200 pts, Nifty Atop 17,150; Why Market is Rising Today After seven consecutive sessions of losses, domestic equities witnessed a relief rally on Friday, helped ... Read more »

Splitsvilla 14: Arjun Bijlani and Sunny Leone start shooting for the show; Fans miss Rannvijay Singh

splitsvilla 14 arjun bijlani and sunny leone start shooting for the show fans miss rannvijay singh The fourteenth season of Splitsvilla will be aired on soon MTV, and fans are ... Read more »

7 Tourist Places In Spiti Valley That Prove It Is A Paradise On Earth

Located in a high-altitude region of the Himalayas, Spiti Valley is one of the most sought-after destinations in Himachal Pradesh because of its serene landscape and natural beauty. It got ... Read more »

List of 8 significant changes from October 1 that can significantly affect your finances

List of 8 significant changes from October 1 that can significantly affect your finances From October 1 of this year, eight significant changes in the financial system will take place ... Read more »

Satellite images show a plume of methane erupting from the leaking Nord Stream pipelines - take a look

Satellite images show a plume of methane erupting from the leaking Nord Stream pipelines – take a look The first images of methane escaping from the damaged Nord Stream pipelines ... Read more »

Jasprit Bumrah is injured because...: Wasim Jaffer reveals REAL reason behind India pacer's injury

Jasprit Bumrah is injured because…: Wasim Jaffer reveals REAL reason behind India pacer’s injury Since Thursday, there have been reports of India pace spearhead Jasprit Bumrah likely to miss out ... Read more »

Air India announces 20 additional flights every week to London, Birmingham, San Francisco

Air India announces 20 additional flights every week to London, Birmingham, San Francisco Air India has announced 20 additional flights in a move to enhance its connectivity with the US ... Read more »

PM Modi to flag off Gandhinagar-Mumbai Central Vande Bharat Express: What awaits passengers on this new train service?

Prime Minister Narendra Modi, who is in his home state of Gujarat, will today flag off the Gandhinagar-Mumbai Central Vande Bharat Express — the third in the series, the other ... Read more »

Ponniyin Selvan - 1 Full HD Movie leaked online on Filmyzilla, Telegram and more torrent sites; Mani Ratnam's masterstroke to negate the effect of piracy?

Ponniyin Selvan – 1 Full HD Movie leaked online on Filmyzilla, Telegram and more torrent sites; Mani Ratnam’s masterstroke to negate the effect of piracy? Mani Ratnam’s Ponniyin Selvan 1 ... Read more »

Rustic ideas for a sunset beach wedding

One of the biggest social gatherings in a nation like India is a wedding. People frequently go above and beyond to make weddings grand. Couples are thrilled to cross another ... Read more »

EXCLUSIVE: 'Did not go our way', says India Hockey player Nilakanta Sharma on CWG final loss vs Australia

EXCLUSIVE: ‘Did not go our way’, says India Hockey player Nilakanta Sharma on CWG final loss vs Australia India men’s Hockey team won silver at the Commonwealth Games 2022 Birmingham ... Read more »

Love Across Borders: Indian-Pakistani Celebrity Couples Who Fell In Love

The controversial ties between India and Pakistan have existed for far too long. The memories of Partition still haunt many of our grandparents, who lived through it to witness the ... Read more »

PM Narendra Modi to officially launch 5G in India tomorrow

PM Narendra Modi to officially launch 5G in India tomorrow Prime Minister Narendra Modi will officially launch 5G in India tomorrow, October 1 at the sixth edition of India Mobile ... Read more »

Navratri recipes 2022: Here is the EASY recipe for Chestnut Coconut Almond Cookies

Navratri recipes 2022: Here is the EASY recipe for Chestnut Coconut Almond Cookies New Delhi: As the season of festival has arrived and Navratri already here, even those who are ... Read more »

Jolt for Mamata Banerjee's relative as Calcutta High Court rejects case against ED

Jolt for Mamata Banerjee’s relative as Calcutta High Court rejects case against ED West Bengal Coal Scam Case: Menaka Gambhir, the sister-in-law of Trinamool Congress (TMC) national general secretary Abhishek ... Read more »

Sign in with Google: What is it, how does it work? And, why you should use it

Nobody likes to memorize complex and lengthy passwords, or login IDs. Not only is it complicated, but it takes a lot of time. With most websites requiring you to first ... Read more »

10,000 Acres Of Aravalli To Be Developed As World's Second Largest Safari Park In Gurugram And Nuh

10,000 Acres Of Aravalli To Be Developed As World’s Second Largest Safari Park In Gurugram And Nuh The Aravalli range will be developed into the second largest jungle safari park ... Read more »

SBI Capital Gain Plus Account: Interest rate, eligibility criteria, features, tax benefits, all details

SBI Capital Gain Plus Account: Interest rate, eligibility criteria, features, tax benefits, all details Capital gains are profits that an individual earns from the sale or transfer of any capital ... Read more »

Ponniyin Selvan 1 Box Office prediction Day 1: Mani Ratnam's Aishwarya Rai starrer to earn a MASSIVE Rs 50-60 cr

Ponniyin Selvan 1 Box Office prediction Day 1: Mani Ratnam’s Aishwarya Rai starrer to earn a MASSIVE Rs 50-60 cr New Delhi: Renowned filmmaker Mani Ratnam’s magnum opus Ponniyin Selvan ... Read more »

Vikram Vedha And Ponniyin Selvan Full Movies Leaked Online On These Websites

Vikramvedha And Ps 1 Leak Hrithik Roshan starrer Vikram Vedha and Mani Ratnam’s film Ponniyin Selvan were released in the theatres on 30th September. Both films have opened up to ... Read more »

'No VIP culture in Modi era', says BJP leader after PM's convoy gives way to ambulance in Gujarat

‘No VIP culture in Modi era’, says BJP leader after PM’s convoy gives way to ambulance in Gujarat New Delhi: A Bharatiya Janata Party (BJP) leader shared a video of ... Read more »

Maharashtra: Pune police bust call centre of instant loan apps, 18 held

Maharashtra: Pune police bust call centre of instant loan apps, 18 held The Pune police have busted a call centre dealing with instant loan apps that offered small loans in ... Read more »

Noida Grand Omaxe case: Demolition drive outside 100 flats today after Shrikant Tyagi's wife triggers fresh row

Noida Grand Omaxe case: Demolition drive outside 100 flats today after Shrikant Tyagi's wife triggers fresh row The Noida authority has identified over 100 illegal encroachments at Noida Sector 93 ... Read more »

Roadshows for Visit Abu Dhabi in India Highlight the Emirate’s Distinctive Travel Offers To Potential Partners

The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) recently concluded its Visit Abu Dhabi Roadshow in India, alongside 28 stakeholders from the UAE capital that included ... Read more »

Fans Are Just Loving Hrithik-Saif In The ‘Frame-By-Frame Copy’ Of Original ‘Vikram Vedha’

Fans Are Just Loving Hrithik-Saif In The ‘Frame-By-Frame Copy’ Of Original ‘Vikram Vedha’ Amid huge buzz and expectations, Pushkar & Gayatri’s Vikram Vedha has finally hit the theatres today (September ... Read more »

Lewis Hamilton tops first practice for Singapore Grand Prix

Formula One F1 – Singapore Grand Prix – Marina Bay Street Circuit, Singapore – September 30, 2022 Mercedes’ Lewis Hamilton during practic – REUTERS Lewis Hamilton fastest in FP1 ahead ... Read more »

68th National Film Awards 2022 Live Updates: Dadasaheb Phalke for Asha Parekh, Ajay Devgn, Suriya to Receive Best Actor Awards

68th National Film Awards 2022 Live Updates: The National Film Awards ceremony is being held in New Delhi at 5pm today. The winners were announced in July. President Droupadi Murmu ... Read more »

Petrol, Diesel Price Today: Check Fuel Rates In Delhi, Mumbai And Other Cities

Petrol, Diesel Price Today: Check Fuel Rates In Delhi, Mumbai And Other Cities On September 30, fuel prices across the nation remained constant for yet another day. The price of ... Read more »
Breaking thailand news, thai news, thailand news Verified News Story Network