India has made significant strides in research and development in various technological sectors over the past few decades. With a growing focus on science and technology, successive governments have paved the way for the integration of technology in fields such as automation, big data, blockchain, distributed architecture, and the Internet of Things (IoT). According to a recent report by Deloitte, these fields have witnessed the fastest integration of technology in the country.
India’s tech sector has experienced exceptional growth, reaching a milestone of 15.5 percent last year, marking the highest recorded growth rate to date. This growth has translated into a revenue of $227 billion, equivalent to approximately Rs.18,89,700 crore. The government’s Digital India initiative, which aims to reduce dependency on foreign players for tech requirements, has played a crucial role in fostering this growth. Furthermore, India produces approximately 2.6 million software developers annually, contributing to the generation and implementation of tech solutions on a global scale.
India has emerged as one of the fastest countries to roll out 5G networks since its announcement last year. Telecom giants like Reliance Jio and Airtel have spearheaded this high-speed internet revolution by partnering with Ericsson, Nokia, and Samsung to rapidly deploy 5G network services throughout the country. Within a year, most cities in India already have access to high-speed 5G internet, and coverage is expanding to other regions. The expected timeline for achieving pan-India 5G connectivity is by the end of 2024.
The Indian Space Research Organization (ISRO) recently launched Chandrayaan-3, the country’s third Moon mission, marking a significant milestone in space technology. With a budget of approximately Rs. 615 crores ($74 million), Chandrayaan-3 is equipped with a lander, a rover, and a propulsion module, weighing around 3,900kg. The spacecraft’s lunar landing is scheduled for August 23, and it will operate for one lunar day, equivalent to approximately 14 Earth days. Successful lunar landings pave the way for further lunar exploration, including sample collection, human visits, and the establishment of moon bases.
India has made remarkable progress in the realm of financial technology, with over 300 million people using the Unified Payments Interface (UPI) developed by the National Payments Corporation of India (NPCI). UPI enables instant bank-to-bank transfers and provides retailers the ability to accept online payments, reducing reliance on cash transactions. Additionally, the Reserve Bank of India is exploring the development of a central bank digital currency (CBDC), known as e-Rupee. In its role as the presidency of the G20 group of nations, India is also working on drafting crypto rules to ensure the safety of engaging with digital assets.
The COVID-19 pandemic necessitated the accelerated adoption of technology in the education sector. EdTech companies played a crucial role by providing study materials, topic explanations, and facilitating online interactions between students and teachers. Powered by 5G, apps, and platforms, long-distance learning became feasible, enabling millions of Indian students to continue their education amid lockdowns. The Indian EdTech market generated a revenue of $4.3 billion and experienced a growth rate of 16.8 percent between 2017 and 2022.
Recognizing the importance of data protection and privacy, the Indian government recently passed the Digital Personal Data Protection Bill, 2023. This landmark legislation follows a Supreme Court judgment, affirming the right to privacy as a fundamental right for all citizens in the country. The law includes provisions to curb the misuse of individual data by online platforms, requiring foreign web service providers to store Indian users’ data within the country’s territory. Additionally, Indian nationals have been granted the right to access and modify their personal information online.
Geopolitical tensions between India and China prompted the Indian government to ban several Chinese apps, leading to a surge in the development of native Indian apps. As of March 2022, over 150,000 apps created by Indian developers were estimated to be available on the App Store and Google Play Store. These homegrown apps span across various categories, including social networking, news, travel, shopping, lifestyle, and business. This surge in app development not only amplifies self-reliance but also ensures the security of India’s web ecosystem against cyber threats.
The post-COVID-19 world has prompted individuals to prioritize their health and well-being. Indians have embraced fitness trackers, allowing them to monitor their fitness levels, track water intake, and monitor blood pressure. Many of these wearables are manufactured within the country. The domestic wearable healthcare market is projected to reach $1.26 billion by 2025, witnessing substantial growth from $310.4 million in 2020. Moreover, states like Meghalaya, Arunachal Pradesh, and Uttarakhand have begun testing drones for the swift delivery of emergency medical supplies, including vaccines, anti-snake-bite venom, and lab samples/results.
India’s IT ministry is embarking on the development of a national browser for the country. This initiative is a testament to India’s pursuit of self-reliance in technology, with the task entrusted to Indian software engineers. While multinational tech firms in Silicon Valley boast CEOs of Indian origin, the ongoing developments in India reinforce the nation’s commitment to becoming self-sufficient.
India’s journey in technological advancements has been marked by significant milestones, affirming the nation’s commitment to self-reliance. From the rapid deployment of 5G networks and space missions to innovations in fintech, EdTech, data protection, app development, and health technology, India has emerged as a prominent player in the global tech landscape. These achievements not only foster economic growth but also pave the way for a more technologically empowered and self-sufficient future for the nation.
Leave a Reply