Our country\u2019s tech industry has been witnessing steadfast growth that culminated in India being ranked amongst the top 50 nations in the world, for the first time ever, as per the Global Innovation Index 2020. This has been a direct outcome of the country\u2019s rapid advances in building their digital infrastructure, whether it\u2019s the adoption of new technologies, for instance 5G in the telecom sector, or even recognising the transformative potential of artificial intelligence. Our country has been constantly and vigorously reinventing itself to stay on the growth path of digital transformation.

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Needless to say, that while there has been progress, the industry has also faced several challenges such as limited skilled labour, lack of exposure to certain global tech innovations among many others. However, the government has continually worked towards overcoming these by fostering industrial development, improving trade relations with all major countries, and providing incentives and infrastructure to SEZ units to enable brands to set-up manufacturing units. The most recent example of how dynamic India\u2019s tech industry is can be seen in its smooth transition to work from home. When the entire country was forced to shut down due to the pandemic, the tech industry came out on top by staying productive and efficiently reinventing itself.

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Global Brands Recognise India\u2019s Teach Potential<\/strong><\/p>

Brands from around the world have recognised this potential and brought with them opportunities to India, such as investments for global infrastructure, knowledge exchange, , and processes and efforts to reskill the local labour and communities.<\/p>

The pandemic did not slow down the global companies to invest in India even when economies around the world were reeling due to the unforeseen challenges that COVID-19 brought with it. As per the recent announcement by the Ministry of External Affairs (MEA), more than 15 companies invested almost $20 billion in India between April and July this year despite International Monetary Fund\u2019s prediction of negative growth rate of -4.9 percent for the world economy in 2020.<\/p>

Several global tech giants like Google, Amazon, Facebook have committed to investing heavily in India in infrastructure, innovations, reskilling and uplifting of the society. Smartphone companies like OPPO and OnePlus have set-up Research and Development centres in India to streamline their products according to the preferences of the local users \u2013 a reflection of just how much this market means to these brands. Centres like these have not only helped create more employment but also placed India on a global platform by their regular tech developments.<\/p>

Tools and Talent Will Elevate India\u2019s Tech Growth<\/strong><\/p>

With more government initiatives like Make in India, Vocal for Local, Digital India coupled with more investments from global brands, India can achieve a lot more for this sunshine industry. The country needs to focus on transforming its strategy towards encouraging more foreign investment, offering tailored programmes for Indian talent, and building the right infrastructure to make India an innovation-led economy.<\/p>

The journey to India becoming an innovation hub is surely exciting and the right policies, right players, right platforms and boost from the government, will shape the forward path for the country\u2019s long-term prosperity.<\/p>

Talent, Technology and Tools (infrastructure) are going to be three pivotal ingredients that will usher in a sustainable and growth-oriented digital economy. The fertile minds of the millennials and GenZ, who are now driving the economy, offer a huge repository of talent which needs to be complimented by empowering technology and tools. This cannot happen only through internal resources of India. The collaboration and partnerships will be cardinal in complimenting the growth-oriented positioning of India on the global economic map. This will lead to rapid growth in innovation, making the fundamentals stronger and stronger.<\/p>","blog_img":"","posted_date":"2020-12-04 14:34:44","modified_date":"2020-12-04 14:37:18","featured":"0","status":"Y","seo_title":"Here are principal factors in India's journey to becoming a digital economy","seo_url":"here-are-principal-factors-in-india-s-journey-to-becoming-a-digital-economy","url":"\/\/www.iser-br.com\/tele-talk\/here-are-principal-factors-in-india-s-journey-to-becoming-a-digital-economy\/4661","url_seo":"here-are-principal-factors-in-india-s-journey-to-becoming-a-digital-economy"},img_object:["","retail_files/author_1509706883_temp.jpg"],fromNewsletter:"",newsletterDate:"",ajaxParams:{action:"get_more_blogs"},pageTrackingKey:"Blog",author_list:"Faisal Kawoosa",complete_cat_name:"Blogs"});" data-jsinvoker_init="_override_history_url = "//www.iser-br.com/tele-talk/here-are-principal-factors-in-india-s-journey-to-becoming-a-digital-economy/4661";">