12 Tech To Empower Biz; Boost India's GDP

by CXOtoday News Desk    Dec 17, 2014

tech

Twelve empowering technologies could have a $550 billion to $1 trillion of economic impact every year in India by 2025, according to a new report by Mckinsey Global Institute (MGI). Mobile Internet is the most vital that is expected to touch 700-900 million Indians by 2025.

Cloud-based services, automation of knowledge work, electronic payments and mobile Internet can provide the foundation for remote healthcare, education, mobile agricultural-extension services, and other innovative services in the coming years.

Technologies such as the Internet of Things, intelligent transportation, next-generation genomics and renewable energy among others also have the potential for rapid adoption in India between now and 2025.

The researchers have grouped the 12 technologies into three areas: digitizing life and work, smart physical systems, and energy technologies:

digitizing life and work—the mobile Internet, the cloud, the automation of knowledge work, digital payments, and verifiable digital identity

smart physical systems—the Internet of Things, intelligent transportation and distribution systems, advanced geographic information systems (GIS), and next-generation genomics and

energy—unconventional oil and gas (horizontal drilling and hydraulic fracturing), renewable energy, and advanced energy storage

The 12 technologies and their impact can be explained with the help of an infographic (See table below).

mckinsey

Source: McKinsey Global Institute (MGI) data

According to the researchers, to capture the full potential value of these technologies, India will need to address barriers such as its limited telecom infrastructure and a lack of computer literacy among Indians. In addition, policy makers can create an environment in which these technologies flourish by adopting appropriate regulations that protect the rights of citizens and by helping to foster an environment for innovation.

Government can encourage the growth of tech industries and applications by supporting efforts to create standards and can help entrepreneurs scale up ideas into major companies through reforms to regulatory systems. Finally, India can raise its investment in research and development, which in 2010 was 0.87 percent of GDP, compared with 1.7 percent in China and 3.36 percent in South Korea, notes the report.