Technology plays a critical role as India marches to be a world power
India’s celebration of 75 years of Independence showcases many success stories that the country has achieved in more than seven decades.
India's celebration of 75 years of Independence showcases many success stories that the country has achieved in more than seven decades. Emerging as a technology power house of the world is one of those rare feats that the South Asian nation has achieved. Undoubtedly, the IT-BPM industry is the crown jewel of Indian economy. During last financial year, Indian IT industry has crossed the $200 billion mark in revenue, creating a watershed moment for India's technology services sector. According to a report by industry body NASSCOM, the sector has emerged as the largest private sector employer in India with over five million direct jobs. If the indirect jobs are accounted for, the impact of technology industry on Indian socioeconomic life is stupendous. With $178 billion worth of exports, this contributed to 51 per cent share of India's services exports in FY22. Meanwhile, the domestic technology market is pegged at over $50 billion. Such contribution in all aspects indicates the importance of Indian IT-BPM industry for the country.
Moreover, the country is regarded as the largest talent market in the world. From the US to Europe, most global enterprises have opened their global captive centres in India. This is because of the engineering talent base of the country. India is base to 1,700 GCCs (global capability centres) of these MNCs, which are building products and solutions from the country for the world. Importantly, Indian engineering talent is such that most global CEOs in technology firms are of Indian-origins. From Google, Microsoft, Twitter to IBM, Indian-origin and educated professionals occupy the corner offices now. So, technology industry is carrying the flag high for India as a nation in the post-independence India. Entrepreneurs like NR Narayana Murthy, Nandan Nilekani, Azim Premji, Shiv Nadar and many more are the architects of such technology revolution that has given the country a different identity on the world stage.
Post-independence, India as country had been written off by many western experts given the dire state of Indian economy and multiple fissures seen in Indian society. However, proving the skeptics wrong, India has not only existed as one nation; but also is growing to be power to reckon with. With startup ecosystem maturing in the country, the future of India as a nation seems bright. At present, India is the largest startup ecosystem in the world with more than 100 unicorns (companies with a valuation of one billion dollar or more). Such spirit of entrepreneurship indicates that most critical problem of India will be market-driven than being dependent on any government system.
Such development augurs well for India as a nation. As market forces are unleased with entrepreneurship at its core, this will ensure the emergence of meritocracy in Indian system. Moreover, the fissures created in name of various divisive elements will not be able to sustain as market will ensure the survival of fittest. Technology acts a great enabler with the gap between rich and poor, urban and rural, being bridged. This process of wealth creation will make India a vibrant democracy through raising standards of lives of millions.