India’s Future Insight Series: India’s Digital Revolution
By Trisha Nagpal
Written By:
Anutosh Zutshi, Associate Director
Prime Minister Modi’s vision of a tech-savvy, digitally connected India is rapidly becoming a reality. Initiatives like Digital India, Bharat Net, and the Unified Payments Interface (UPI) have not only bridged the digital divide but also revolutionised how Indians interact with technology and conduct financial transactions.
The government’s commitment to leveraging modern technology for economic expansion is particularly evident in its robust support for the semiconductor industry. This strategic focus has caught the attention of global manufacturers, with several significant players now eyeing India as their next manufacturing hub.
The Indian government’s ambitious “India Semiconductor Mission” aims to position the country as a global hub for semiconductor design, manufacturing, and technology development. With an initial outlay of ₹76,000 crore (£6.81billion), the program offers attractive incentives to companies engaged in various aspects of semiconductor production.
Recent developments showcase the program’s success:
– Tata Group is investing ₹91,000 crore (£8.15 billion) to set up a semiconductor fab in Gujarat, partnering with Taiwan’s Powerchip Semiconductor Manufacturing Corporation.
– A ₹27,000 crore investment (£2.41 billion) is planned for a semiconductor assembly and test unit in Assam.
– CG Power, in collaboration with Renesas Electronics and Stars Microelectronics, is establishing a ₹7,600 crore (£680m) semiconductor facility.
These investments are expected to create over 20,000 direct jobs in advanced technology areas and 60,000 indirect jobs.
Beyond Semiconductors, India is making significant advancements in various technological sectors, including space technology, artificial intelligence, cybersecurity, high-performance computing, and the Internet of Things (IoT).
The country’s space industry is rapidly expanding, with notable achievements such as successful lunar and solar missions and plans for a space station. India is also focusing on developing and adopting AI, intending to establish itself as a global AI hub. Additionally, there is a growing emphasis on cybersecurity and investments in high-performance computing facilities. The IoT sector is experiencing rapid growth, driven by government initiatives like the Smart Cities Mission. These developments reflect India’s commitment to becoming a global tech powerhouse and positioning itself for future technological advancements and economic growth.
India-UK Tech Collaboration
The burgeoning tech relationship between India and the UK is particularly noteworthy:
– 31% of India’s investments in the UK are now in the tech sector.
– The UK has increased its digital services exports to India to $437 million.
– India ranks the UK as its second-largest international partner in research and innovation in technology.
UK companies are finding numerous opportunities in India, including setting up Global Capability Centres, tapping into the skilled workforce, and investing in rapidly growing sectors like fintech and artificial intelligence.
The Road Ahead
India’s digital revolution is transforming the country and creating a new paradigm for technological innovation and economic growth. As the government continues to invest in cutting-edge technologies and foster a conducive environment for tech companies, India is poised to become a global tech powerhouse.
For businesses and investors, the message is clear: India’s tech sector is brimming with opportunities. Whether it is semiconductor manufacturing, space technology, or artificial intelligence, the time to engage with India’s digital revolution is now.
Take advantage of being part of this transformative journey. Explore partnerships, investment opportunities, and collaborations in India’s thriving tech ecosystem. The future of technology is being written in India – will you be part of this exciting chapter? Contact UKIBC today, and let us help pave your journey in India and set you up for success in one of the world’s fastest-growing economies.
If you’re interested in finding out more, UKIBC is launching our new series of webinars, “India’s Future Insight,” in which we deep-dive into key sectors in India to showcase opportunities and trends.
Join us for our first session in which we delve into the critical facets of the infrastructure sector in India. The infrastructure capital expenditure outlay for FY 2024–25 has climbed to US$ 133.86 billion, surpassing the US$ 100 billion threshold for the second time in a row. This will have a positive impact on all sectors in India with new highways, railways, airports, seaports and, of course, clean energy. Topic: Revolutionising Infrastructure: Trends and Innovations Date: 8th October, 2024 Time: 10:00 am- 11:00 am BST/ 2:30 pm- 3:30 pm IST Registration Link: https://lnkd.in/e5QN5T_Z
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