Startups, talent will drive India to $5-trillion economy by 2025: Nivruti Rai

Business models such as XaaS or “everything-as-a-service" helps reduce the total cost of ownership and thereby allows technology access to all businesses, Rai said.

Talking about the readily available skilled workforce in the country, Rai, who spoke at the India Electronics & Semiconductor Association’s Vision Summit on Wednesday, said that globally, Intel employs “world-class talent" from India.

Cloud computing, artificial intelligence (AI) and data analytics, network and connectivity, and technology manufacturing will be the technology enablers to drive India’s digital economy, she said.

Rai said the potential for innovation in AI is immense, given that it is still in its infancy and has barely scratched the surface. “The pandemic will push us to do things faster," she said.

The need of the hour is to align technology with the changing business models and leverage partnerships with the government to build a scalable model at a lower cost, Rai said.

The Karnataka government has earlier stated that it will offer several incentives to attract electronics system & design manufacturing (ESDM) companies to set up their factories in the state.

Referring to the Karnataka ESDM policy 2017-2022, C.N. Ashwath Narayan, state minister of electronics and IT said that Karnataka aims to stimulate the growth of 2,000 ESDM startups with a total funding corpus of ₹100 crore.

According to IESA, India has the potential to become a world leader in intelligent electronics and semiconductor technology and products to drive a self-reliant (Atmanirbhar) digital economy and transform the lives of 1.3 billion Indians.