June 6, 2024 : Bengaluru, India – June 6, 2024: India is on the brink of a technological revolution, as discussed by experts at the India Global Innovation Connect event in Bengaluru. With a blend of global talent, robust digital infrastructure, and dynamic startups, India is set to become a leading innovation hub.
Key Insights from the Panel Discussion
The panel, featuring prominent figures like Avinash Vashistha, TV Mohandas Pai, Sanjeev Gupta, and Claude Smadja, delved into the country’s technological trajectory. They highlighted several key points that underscore India’s potential for significant growth in the tech sector:
- Global Tech Talent: During the pandemic, many jobs shifted to India, allowing Indian tech talent to gain global exposure and experience.
- AI Innovation: The wave of artificial intelligence (AI) in 2023 spurred Indian innovators to develop new technologies as traditional roles evolved.
- Human Capital and Funding: While India boasts strong human capital, there is a need for increased startup and research and development (R&D) funding to sustain growth.
- Patent Filing: Experts stressed the importance of Indians filing more patents domestically to bolster national intellectual property.
India’s Emerging Innovation Ecosystem
Avinash Vashistha, Chairman and CEO of Tholons management consultancy, emphasized the opportunity in AI managed services for the Indian IT sector. “AI managed services is a big opportunity for the Indian IT sector,” he stated.
TV Mohandas Pai, former Infosys board member and Chairman of Aarin Capital India, urged more domestic patent filings, saying, “Indians should file more patents.”
Claude Smadja, Chairman of Smadja & Smadja Strategic Advisory, praised India’s advancements in deep tech, health tech, semiconductors, and aerospace. “India has made significant strides in deep tech, health tech, semiconductors, and aerospace technologies. The new government at the Centre as such does not need new policies but rather at this stage it should focus on accelerating the development and expanding on what is already happening,” he noted.
Future Prospects and Economic Impact
The panelists discussed the need for collaboration among startups, government, industry, and academia to foster innovation. They also highlighted India’s rise as a top innovation hub, driven by its digital infrastructure and engineering talent.
According to a report by the Confederation of Indian Industry (CII), Indian startups are projected to create 50 million new jobs and contribute $1 trillion to the economy by the fiscal year 2030. The report also estimates that India will have a $7 trillion economy by 2030. Between 2010 and 2023, over 100 Indian unicorns were created, and the country may see 300 new unicorns between 2024 and 2035.
India is at an “inflection point” in its technological journey, with the potential to lead globally in innovation. By focusing on enhancing funding for startups and encouraging domestic patent filings, India can solidify its position as a global tech powerhouse. The insights shared at the India Global Innovation Connect event highlight the exciting future ahead for India’s technological landscape.
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