Positioned as the third-largest startup ecosystem globally, with over 80,000 startups and 45% of the top 500 global R&D spenders having their centres in India, the country's future looks promising.
Over the past several years, India has steadily climbed towards the summit of innovation. From the 81st rank in 2015 to the 40th spot in 2022 on the Global Innovation Index (GII), India has made unceasing headway in developing technology prowess. Today, AI, cloud, mobility, green tech, and health tech are not mere buzzwords enhancing our vocabulary; they are tech miracles that enhance our lives. Currently, a humongous amount of tech energy continues to be consumed at a colossal scale, so it is only imperative that we replenish the tech stock to keep supplies from exhausting!
Tracing the evolution from past to present
India has been a champion of innovation since antiquity, from Sushruta, the great Indian surgeon of the 6th or 7th century BCE, to the 1,600-year-old Iron Pillar of Delhi, a metallurgical marvel. India’s lunar and Mars missions have put her on the space map in the modern era.
In a 2009 book, the Indian-born scholar and leadership expert Navi Radjou coined the term ‘jugaad’ as any frugal solution designed to address a specific socio-economic pain point. The stimulus for innovation tends to be a complex environment characterized by diversity, inter-connectivity, velocity, ambiguity and scarcity. India has always had all of those in large volumes.
Now, to lead the world’s innovation charter, India has taken a comprehensive approach to building an innovation ecosystem that brings its creativity, entrepreneurial abilities, and cutting-edge research into the limelight. In fact, now, with the world’s spotlight on our tremendous tech ecosystem, the need to highlight the value of R&D in leveraging Indian ingenuity has never been more important. This is where India begins her journey towards the future of tech and innovation.
From Takers to Givers – India betting on next-gen technologies
Our nation is now counted amongst the leading countries globally with world-class capabilities for catalyst research, development, innovation and manufacturing in the area of technology. With its growing expertise and investment in artificial intelligence, quantum computing, biotechnology, and renewable energy, India is now set to export technology catalysts to the world – thus portraying a classic case of reverse technology transfer. In fact, the fecund collaboration between academia, government agencies, and the private sector has further aided the growth of the Indian research ecosystem, enabling innovation and transforming them into bona-fide applications.
Garnering opportunities galore
Much has been achieved in this field, and many opportunities are yet to be availed. One such opportunity is bridging the gap between humans and machines by enabling people to ‘communicate’ with machines seamlessly. Although Apple’s Siri and Amazon’s Alexa have embarked on this journey, yet, 98% of the Indian population can still not communicate with machines as fluently as they would communicate in the local dialect, despite having smartphones. Here, India’s inherently original thinking witnessed in the works of Panini, the 6th Century grammarian who formalized Sanskrit and used it as a common transliteration engine for India’s modern dialects, can provide the vital impetus for us to keep thinking ‘out of the box’. Similar techniques and algorithms could be applied to make machines understand other languages better.
Autonomous driving is another segment where India can drive innovation and enable the world to take advantage of our unique skills and needs. From traffic lights not being obeyed to driving in opposite lanes to navigating past every kind of species on the road, an autonomous vehicle here would need much more than an AI system to adjust in microseconds and make a decision. It probably needs a change in the algorithm – and this algorithm, once devised, could take on any road in the rest of the world.
Further, gauging that the world is striving to increase its sustainability scores, India can loop in opportunities to intertwine ecological needs with technology feeds. For instance, drone-based seed sowing can be one such area. According to reports, global spending on innovative, connected agricultural technologies and systems, including AI and machine learning, is projected to triple in revenue by 2025, reaching $15.3 billion, and this could very well be India’s chance to innovate and curate solutions for the world.
India’s Future: Quantum and AI leading the way
India is poised to shape a promising future across multiple realms with a significant focus on artificial intelligence. The country is well-positioned to optimize communication across diverse languages thanks to robust research initiatives and the development of large language models (LLMs). India’s forward trajectory does not stop here – it now extends to the frontier of quantum technology, where breakthroughs are anticipated to redefine computation and communication. In parallel, the Indian milieu is also eyeing major advancements in the evolving space domain, with remarkable technological progress, thereby encapsulating the potential to unveil new frontiers.
The nation’s dedication to healthcare innovation is evident in its pursuit of cutting-edge medical technologies and solutions, making India a front-runner in the global healthcare domain. In the realm of education, India is committed to nurturing intellect and skills to shape its future growth. At the same time, its steadfast focus on defence ensures the safeguarding of its sovereignty and security. These endeavours are primed to propel India toward a future characterised by technological prowess, scientific excellence, and holistic progress.
Further, positioned as the third-largest startup ecosystem globally, with over 80,000 startups and 45% of the top 500 global R&D spenders having their centres in India, the country’s future looks promising. In fact, being marked as one of the most attractive investment destinations for technology transactions globally is a testament to the strides made by the nation in becoming a global leader in industrialization and technological development. This clearly indicates India’s abundance of tech talent, which is firing up the nation’s economic, technical, and strategic ambitions through unmatched innovative prowess. Undoubtedly, opportunities are galore and with favourable economic conditions, adequate government support and appropriate infrastructure, India can become the global innovation cauldron very soon.
(This article is authored by Nikhil Malhotra, Global Head – Makers Lab, Tech Mahindra)
