For nearly two centuries, India attributed to around 30 per cent of the global economy.
As a country, we have already missed out on the First Industrial Revolution–a transformative shift to new manufacturing processes–something that the US and Europe have benefitted from. Another setback that India witnessed was the Second Industrial Revolution–the upsurge in the sectors of energy and power, steel, and petroleum–that our nation adopted nearly four decades later.
While we have somehow learned from past mistakes, we have figured out how to capitalise on during the Digital Revolution or the Third Industrial Revolution.
While we were not truly able to capitalise on architecture and innovation, we definitely became a leading hub for global support in the digital space.
In a 2018 global survey by The Pew Research Center titled, ‘The Public Opinion of India’, around 75 per cent of respondents noted that the nation has gained significance rapidly on the global platform. The time is essentially here.
At the World Economic Forum’s Annual Meeting 2018 in Davos, Prime Minister Narendra Modi discussed how India will not fall behind by its ambitions of hard economic power but also digital power. The truth is that major tech giants such as MasterCard, Microsoft, Google, IMF, and more are today directed globally by Indians.
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Innovation at its forefront
The Fourth Industrial Revolution is bridging the gap between what was thought possible and impossible, connecting the technological, digital and even physical spheres.
India is the fourth-largest app economy globally, and also the real reason behind Indians’ robust digital footprint over practically all social media platforms. One classic case that proves this is the famous T-Series versus PewDiePie saga that went in favour of the music production company, holding a major part in showing that we are leading with respect to the global pioneers.
With the Fourth Industrial Revolution or Industry 4.0, India has witnessed tremendous growth in the technology sector with advances like artificial intelligence (AI), IoT, 5G technology, robotics, autonomous mobility, quantum computing, and nanotechnology, among others.
For India, Industry 4.0 opens new avenues to catapult several stages of innovation, moving forward on its journey towards becoming a developed economy far ahead of its peers. From various perspectives, this shift will be a great leveler.
Technologies being developed in India will be the major contributor to drive the growth of economy and commerce across the world.
Contributing more to this growth is the launch and explosion of cheap data sets in India–JIO. The launch of JIO in India will always be regarded as the source from which the Fourth (and subsequently, the Fifth) Revolution sprung.
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Inexpensive internet services and an upsurge in native device manufacturers have ensured that individuals all over the nation have access to extraordinary digital infrastructure, resulting in a boundless economic growth.
Another major contributor to India’s growth is the advances in space technology, including ISRO’s incessant presence in the news with the successful launch of Chandrayaan and Mangalyaan.
Best of all, it isn’t just ISRO but even Indian commerce, for example, UFLEX which makes films for ISRO, that have profited by the technological strides that our country has rapidly taken.
In the previous decade, advances in cloud, analytics, and digital space had disrupted IT operations, business models, and markets. Even though these technologies are not the current trend, clearly they have shaped the world that we live in today.
It is in this space the world will now turn and look to India to lead the path, as innovation turns into the substratum for the superstructure that will be global growth, in the future.
Investments and innovation drive digital growth
With support from government and legislative bodies, domestic and foreign investments can assist India to launch as the next global innovator. As far as foreign investment is considered, respondents believe that India’s impact is set to surge.
In a recent survey by law firm Baker McKenzie, commentators highlight the positivity about India’s ability to keep up financial growth and development.
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With the escalating US-China trade tensions, India is ostensibly turning into an increasingly attractive alternative. Also, increasing the talented workforce could place India in a good position to contend with China for global dominance.
While investors far and wide have previously been reluctant about putting resources in Indian organisations because the nation was ranked as high risk, India is currently home to a young, vibrant startup landscape, with having received more than US$33.4 billion in funding through foreign direct investment.
Domestic investment, on the other hand, is also on the rise, as Indian organizations see through the opportunities presented by the nation’s exponential digital shift.
Looking ahead
Throughout the years, India has figured out how to overcome different complexities, including the lack of proper infrastructure, weak financial conditions, and inadequacies within the system, along with social and cultural hindrances.
India has the settings and tools necessary to be in the leading position on the global technology stage, however, it needs to conquer a few adversities in order to come to its full potential. Creating the right regulatory infrastructure and financial support from foreign investors together with offering customised training programs and increasing the talented workforce would drive successful digital growth. The path to being a global pioneer in the innovation and technology space is not forthright, not without tough competition from rivals, but India is headed to becoming a real contender.
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