Bengaluru’s technological prowess will play a crucial role in making India achieve $1 trillion in digital economy, experts said at the ongoing Bengaluru Tech Summit.
The digital economy growth target is in the backdrop of a February report from the ministry of electronics & information technology and McKinsey which stated that India can create over $1 trillion of economic value from the digital economy in 2025, with half the opportunity originating in new digital ecosystems.
“In terms of technology, artificial intelligence (AI), machine learning (ML), and data analytics should be mapped with every sector to solve day-to-day problems like water pollution and air pollution," Kiran Mazumdar-Shaw, CMD, Biocon Ltd said.
Given that human capital is the most important catalyst in driving the digital economy, Shaw said that Biocon is creating a globally competitive biotech talent in India through the Biocon Academy which leverages the industry experience of Biocon and subject expertise of international education partners.
Referring to the business models of IT services companies, UB Pravin Rao, chief operating officer of Infosys Ltd, said that while 50% of the company’s business is focussed on routine work to keep basic IT operations running, the other 50% focuses on innovation.
Bengaluru’s tech-focussed startups will play a major role in pushing India’s next wave of digital economy. According to a Nasscom-Zinnov report, Bengaluru has the third highest number of tech startups among global cities after Silicon Valley and London.
“Startups should be given access to ideas, customers, and technology," Rao said, adding that “more focus should be on the product ecosystem."
Bengaluru’s leadership in “intelligent electronics" including AI, Internet of Things (IoT), and 5G will also be a key driver of the digital economy. For instance, Intel, which has a strong presence in Bengaluru, set up its second largest design centre in the city last year to focus on new-age technology areas including work for underlying technology for 5G network.