India Has Huge Possibilities For Deep Technology And Change Driven By Technology

India Has Huge Possibilities For Deep Technology And Change Driven By Technology

Eminent analysts claim that India, which is now moving quickly up the value chain from low-cost software services to manufacturing, has enormous promise in the fields of deep technology and technology driven transformation.

Arun Kumar, a former director general of the US and Foreign Commercial Service (USFCS) and assistant secretary of commerce for global markets under the Obama administration, said that he was "extremely persuaded" about the possibility in India.

The advancement of India-US relations under the leadership of Modi and Biden, according to Kumar, a managing partner at Celesta Capital, is also a factor. He cites the availability of talent of an international calibre, the fact that digital is now pervasive and has created a fertile ground for enormous amounts of innovation, as well as advance manufacturing, which makes India competitive in the manufacturing sector.

"Overall, it's a pretty hopeful tale on India," Kumar remarked at the just finished Celesta Capital-sponsored TechSurge conference in Silicon Valley held at the Computer History Museum. The Celeste Capital made a video of the conference accessible.

He said that India is quickly becoming a significant economic and geopolitical ally for the US. The US-India Initiative on Critical and Emerging Technology (iCET), which was recently advanced by discussions between the national security advisors of the two countries, outlines commitments to creating a strong innovation ecosystem between the two countries covering cooperation in artificial intelligence, high performance computing, defence and space technologies, semiconductors, and next generation telecommunications.

We were used to India not performing well, at least until five or six years ago. India is experiencing significant difficulties, while the rest of the globe is doing considerably better. It's now the other way around," said Indermit Gill, the chief economist at the World Bank, adding that India had made considerable strides in the ease of doing business since 2014, a measure the Bank had championed despite ceasing to use it in 2020.

If India is successful in luring investment, now may be the country's moment, said Gill. Arogyaswami Paulraj, an emeritus professor at Stanford University, said that semiconductors, energy, decarbonization, and green hydrogen and electric cars would be India's top objectives in deep technology.

The deep technology industry in the US provides USD 550 billion, or 2.5% of GDP, but it supports roughly 40% of the entire Economy. India now imports virtually all of its deep technology requirements, therefore developing domestic capabilities is a national priority. With all of its advantages, India presents tremendous prospects for THE deep tech investments, he said.

The deep tech sector has a globalised economy and extensive supplier networks. India should thus aim to join the club of advanced technology nations and take 5% of the global market during the next ten years. This will result in value-added revenues of USD 150 billion, which represents a market cap potential of well over USD 1.5 trillion. The Indian Semiconductor Mission, which aspires to develop capabilities in this most fundamental technology, is the country's first foray into deep technology, he added.

"With how India is now, I have a great deal of hope. One thing is that, in my opinion, there is broad political agreement on the nation's course. The country's economic structure will, to put it simply, be quite stable regardless of whether the present administration remains in place or is replaced. Therefore, I believe that's a significant bonus," he remarked, noting the success of the digital India revolution.

According to Sriram Viswanathan, the founding managing partner of Celesta, India is moving up the value chain from low-cost software services to manufacturing and Deep Tech research, including semiconductors and other hardware-related businesses. In India, highly advanced businesses are being established in the fields of robotics, automation, and semiconductor design.

"During the next ten years, India will provide a tremendous opportunity. I anticipate this expanding exponentially. Anand Unnikrishnan, managing director of the National Infrastructure Investment Fund (NIIF), remarked that nothing in India operates in a linear fashion. He discussed the accomplishments of NIIF's public-private partnership operations. He made reference to India's current vibrant entrepreneurial ecosystem and venture capital investment climate.