Is India Prepared to Walk the Walk of Technology on the Global Stage?

Destiny is determined by deeds and well-considered choices, and "Bharat bhagya vidhata," the dispenser of India's fate, has always been extraordinarily kind. India is predicted to become one of the world's youngest, largest, and fastest-growing economies due to its scalable R&D capabilities, next-generation technologies, and large talent pool.

In October 2022, roughly a year ago, an intriguing trend became apparent. Once upon a time, it was common for neighbourhood grocery stores to hand out candies in lieu of returning customers' stray change. But instant online payments such as united payments interface (UPI) eliminated the need for currency and change, thereby affecting the toffee industry.

The story's basis was anecdotal, but it highlighted a monumental shift in India's payment landscape. This technological, regulatory, financial, and most importantly behavioural shift involved millions of individuals. The magnitude and scope of this transformation has no historical precedent anywhere in the world. Likewise, the statistics are remarkable. According to the National Payments Corporation of India (NPCI), 7.7 billion transactions were conducted via UPI in July 2023, which equates to an average of more than 250 million transactions per day. This is remarkable for a nation that used currency for 90 percent of transactions just a few years ago. The edifice of this transformation has been infrastructure — digital public infrastructure (DPI), the superstructure of welfare programmes, services, payments, and products that are delivered in real-time and without interruption.

India's voyage to a developed economy has been fueled by its bold and progressive initiatives. For instance, the pandemic prompted countries to prioritise self-reliance and invest in infrastructure and R&D. Developing a culture of innovation through R&D has yielded substantial returns for India. The manufacturing sector expanded as a result of domestic production of previously imported goods. Similarly, the advancement of medicine and research is well documented, and India has ensured a rapid turnaround with the introduction of its own vaccines.

Nevertheless, despite India's unprecedented technological and digital advancements, a significant divide remains between the wealthy and the poor. Twenty percent of individuals lack access to bank accounts, twenty-six million children do not attend school, and two hundred million people live below the poverty line, according to reports. In addition, there has been an increase in the number of Indian students pursuing higher education abroad. The migration will hinder the country's progress.

If we do not address these factors, the divide between the haves and have-nots will widen. And technology can play an important role in this regard. The RBI's initiative towards central bank digital currencies, for instance, can enable banks to directly establish accounts for unbanked individuals. Efforts such as Tech Vyamshala and Bharat Mark Up Language (BHAML) can democratise education. Telemedicine has the potential to enhance primary care.

Significant progress has been made, but there is still much work to be done. However, digital infrared can close this disparity. Imagine a poor adolescent in rural India whose family cannot afford to send him/her for higher education outside of the village. However, low-cost connectivity through an inexpensive Internet-enabled device would grant them access to free educational content created by the most qualified instructors.

Similarly, if we collaborate, with government infrastructure as the enabler, corporations providing tech and CSR funds, our best universities providing content, and NGOs on the ground ensuring delivery of services to the most remote regions of the country, we can lift our population out of poverty and illiteracy.

Going forward, the government must prioritise ensuring that all citizens have access to fundamental human needs and supporting infrastructure. The scope of research and development should also include the promotion of hyperlocal innovations.

It is essential to adapt to the ever-changing nature of technology and capitalise on the new opportunities presented by artificial intelligence, the internet of things, and quantum computation.

In all of this, sustainability can act as the mythical herb sanjeevani booti to revitalise the economy and accelerate India's voyage towards becoming an inclusive developed nation. AI can support India's 'Net Zero 2070' goal on all levels, from the individual to corporate and public policymaking. It can optimise energy usage, identify sustainable routes, and enhance refuse management, among other capabilities.

I am convinced that "disruptive" and hyper-efficient innovations will influence business decisions. As revenue models anticipate or, at the very least, keep up with technological advancements, organisations that prioritise lateral or horizontal thinking will remain competitive.

The optimism regarding the Indian economy is largely attributable to the government's policy of emphasising capital expenditure and relying heavily on increased public investment in infrastructure projects. Now is the time to foster a thriving technology ecosystem. Our nation requires a combined effort from government, industry, and academia to achieve this objective.

With continued support from the government in the form of investments towards the growth of infrastructure, policies for the development of pertinent education/skills, and anticipation surrounding 6G rollouts, I believe India is poised to seize new opportunities on the horizon.