Historically India has always been enriched to nourish its people with essentials. In the ancient days, the country became one of the most alluring places for inhabitance with its fertile land and protected environment. However with the changing time the world has moved to the technological upheaval, yet the country has not lost its importance in this sector too! While the technologically upgraded nations are busy in competing with each other, India is emerging as the next tech hub with all its powerful potential. The vast subcontinent is moving up fast, to enroll at the top of the list of the global tech market.
Rationale the Factors in Favour
The country is enriched in various aspects, whether it is the natural resources or the economic enrichments. Currently, the nation has turned to be one of the most aspiring tech hub, based on the situations and the possibilities. Let’s break them in details for a better understanding.
Half of the Indian population’s average age is approximately 35, creating a great opportunity to invest the young brains and workforce for a great economic establishment. As per the trends, India will never go out of the human resources and that is one of the most important benefits for any tech edification.
The country has the third largest online population in the world and almost 77% of Indians use a smartphone. Trillions of rupees have been raised by the Indian government through wireless spectrum auctions and currently, all the international telecom names have their eyes on India.
Change of perspective is one of the most important parts to gain the importance to become the next tech giant. India is improving on its buying habits and approach towards technological uses. The havoc use of electronic gadgets, mass use of internet and improving on lifestyle are curving the path for a tech boom. And thus India’s market dynamics make it irresistible to global tech companies, or rather, it’s about to be.
But while the country has a number of advantages, it lacks certain subtleties which thwarting the lightning growth of its becoming a tech hub. Most importantly a grand number of the youth are still less literate or illiterate for tech communiqué. People at a large number have no idea about bank accounts and credit cards which make traditional business models fall at the first hurdle. While India is getting a good speed in economic independence, but unfortunately most Indian startups focus on the ‘low-hanging fruit’ for easy and short success. As a result, they are failing in contributing to the world market or making it mammoth.
Apart from the technical and economic issues, there is everyday issues which needs utmost attention. Most Tire 1 cities’ roads are choked with traffic, and electricity is still far from ubiquitous in the remote areas. A country where communal harmony is still at stake, becoming the next tech hub is quite a difficult ball game altogether.
Is India Capable of next Microsoft or Google
Brands like TCS, Infosys and Wipro have their fair share in the International market, but only producing services cannot make it big like the mammoth tech brands of Microsoft or Google. The services companies and product companies belong to different business species and India still far from the complex structure of technological product companies.
There are other reasons too. India’s tech market is still based on needs. Producing necessities and not luxuries is what has characterized India’s tech sector so far, though that is changing at a rapid speed. There was a time when India’s tech network was only situated in Bangalore. But that is a stale tale now.
Unfurling Future Possibilities
Bangalore, the Silicon Valley of India and Mumbai, the business hub are now not the only areas or rather say cities with tech and business involvement. Gurgaon is becoming the new emerging tech zone, located near southern New Delhi for being evolved into one of India’s leading tech hubs. It is becoming home to some of the world’s biggest brands. Even Pune is attracting a lot of investors and tech projects. Thus one can say India is growing at a fast pace, spreading its market possibility in the world platform.
Over the next 15 years, it’s assessed that almost 250 million people will enter the working world in India, which means only one thing; that India’s manufacturing will hit a new height and it will need new investment, new infrastructure and new technology. Cue the Indian government’s Make in India scheme, which got a lot of attention at the recent Hannover Messe creates more opportunities for Indians to indulge in the tech initiatives.
The research of the Central Statistics Organisation (CSO) and International Monetary Fund (IMF) have suggested that it is expected to be one of the top three economic powers of the world over around in the next 10-15 years, backed by its strong democracy and partnerships. India’s GDP has increased by around 7% in 2016-17 and is expected to reach a growth rate of 7 percent by September 2018. India has successfully retained the third largest startup base in the world with near about 5000 technology startups. India’s labor force is expected to touch around 170 million by 2020, based on the rate of population growth. On the other hand, India has improved its ranking in the World Bank’s Doing Business Report by 30 spots over its 2017 ranking and is ranked 100 among 190 countries in 2018 edition of the report.
After acknowledging all the above factors one can say it is just about a matter of time when India will rise and shine to be the tech hub to overshadow the rest!