It is common knowledge today that India is one of the fastest-growing large economies and the world’s fifth-largest economy. India has taken a giant leap over the last ten years, which has made these feats possible, and I am hopeful that the country will become the world’s third-largest economy by the end of this decade—popularly known as India’s Techade.
If I had to name India’s biggest breakthrough of the last decade, it would undeniably be the India Stack—the foundation of India’s e-governance success. Simply put, India Stack is an ecosystem of citizen services powered by Aadhaar, the world’s largest biometric identity system, and Unified Payments Interface (UPI), India’s proprietary digital payments platform.
When we look at the enterprise category, we see a similar story of similar scale. India’s businesses have taken a giant leap in digital transformation. Technologies that were labelled as “good-to-have” a decade ago are now “must-have.” The pandemic played a key role in this shift, but it was only a catalyst. It is Indian organizations’ quest for innovation that has truly made digital transformation a centerpiece of boardroom discussions.
The Rise of the Techade
With a goal to get to a 1 trillion USD economy, India’s government and business ecosystem are working cohesively to position the country as APAC’s digital superpower. It is a mammoth task, but one that can be achieved through sustained efforts. The country is already seeing proliferating investments across sectors—with each sector bringing immense digitalization opportunities.
A Manufacturing Powerhouse
Greater ease of doing business, easy access to a skilled workforce, a vast presence of IT companies, and favorable regulatory policies (led by the government’s Make in India initiative) are giving a fillip to the manufacturing sector in India. This boom, coupled with a focus on decentralization of the manufacturing hub, is successfully drawing investments from global giants, who are reducing their reliance on China.
India is now becoming the focus of a global migration of supply chain infrastructure in addition to manufacturing bases, thus resulting in additional investments and opportunities. Business operations mean data, and it is more feasible for foreign companies with bases in India to store and process their data within the country, which brings a host of opportunities for the data center and cloud industries. Moreover, as manufacturing enterprises consistently invest in Industry 4.0 initiatives, India’s already growing software and digital infrastructure sector is set to witness a new wave of growth.