Is India the new tech garage of the world?
In an analysis done by the live mint weeks ago, it was revealed that India, despite the pandemic, might become the tech garage of the world.
Various sectors all around the world have witnessed losses in their revenues, decreased their productivity and suffered huge challenges due to the novel coronavirus pandemic but despite all of that, tech industries from India have shown terrific capacity of quick recovery from the difficult phase and have seen investment upto $38 million. The reports show that a lot of these investments were brought in by software as a service-based companies (SaaS) which due to the ongoing time of crisis, saw huge demand for automation and tech.
The best about the growth of this industry is the time in which it is growing. The tech industry has all the power in the world to make people be dependent on automation and as they increase their dependence, the industry will keep growing thresholds even after the pandemic is over as by then people will be used to it. No wonder that eight of ten world’s richest companies grew only because they are tech companies even as the world struggles with economic meltdown.
A list that was released by LinkedIn a few weeks back revealed that among the most in-demand jobs in the world currently, the field of data science and artificial intelligence top the charts. Further it was revealed by the report that just this year itself, Apple, Microsoft, Amazon, Facebook and Google enhanced their market capitalization by over $1 trillion.
India has established itself as the third largest centre of start-ups in the world where in 2019, nearly 1,300 new start-up companies opened for the market. India is a young country which guarantees a vibrant and innovative market for new ventures. Hence in comparison to any other country, India has a larger scope of identifying itself as the tech garage of the world.
The whole thing falls in line with the new initiative launched by the Prime Minister, Narendra modi, Atma Nirbhar Bharat App Innovation Challenge that is all about being self-reliant. This initiative has seen remarkable response to it encouraging the creation of made in India applications.
One of the best examples of how tech is gaming momentum in India and has established itself as a successful mode is the use of UPI in India. In just four years of using UPI for payments, there has been ten times the number of transactions when compared to Decade-old American Express.