How IoT Is Emerging As The Next Trillion Dollar Sector In India
In the last three years, India is well poised at the cusp of high-growth due to breakthrough economic reforms and forward-looking policy transformations, opening up unlimited opportunities for entrepreneurs to innovate newer & disruptive models, like never before. As of July 2015, India was a $2 Tn economy and is forecasted to be a $5 trillion economy by 2025. One of the most fascinating aspects of India is that the creativity of its people and their innovation skills are changing the dynamics of the global economy, especially in fields such as IoT, machine learning, etc.
Today, we are marching towards establishing ourselves as a top global innovator with a promise for creating disruptive solutions. Given the benefit of a dynamic young population – with more than half of the country’s population below the age of 25, coupled with flagship programmes viz. Digital India Make in India, Startup India Stand Up India, the government seems to have grasped this change.
The urgent imperative for change coming from almost every segment and region has prompted India on a path towards an innovation led, rapid and inclusive growth to achieve social and economic transformation. Let’s debrief a few avenues like the infrastructure landscape, rural economy, deep technology, GRC (Security, Governance, Compliance) which will probably prove to be game changers for this ‘Next-trillion economy”.
PWC, in its predictions for 2020 says, “In China, India and the Middle East, entire new cities will be built, using eco-efficient technologies to reduce their environmental impact. Governments and the investment community may need to work together to fund and build these smart cities and their innovative infrastructures.” There are going to be opportunities to construct entirely new cities.