India ranks third among the most attractive investment destinations for technology transactions in the world. Dr Harsh Vardhan, Union Minister of Department of Science and Technology, has stated that technology is the priority for the Government acknowledging modern upheaval of start-ups, as the start-ups bring forth the latest technological advancements & solutions portraying a shift from the traditional ideas. Technology is considered as a key element of growth for modern India, positioned as one of the top five nations in the scientific research for space exploration.
India's ranking in Global Innovation Index (GII) as of 2019 positions it at 52 with immense potential of R&D spending and improvement (currently 0.6% of GDP). Reported emergence of COVID-19 Virus from Wuhan City of China, by WHO, has caused millions of casualties all over the world thereby thrashing China as a Global Enemy. India has been eying for the companies looking to move their manufacturing base out of China and as one of the cheapest labour country after China, foreign companies are relying to shift their bases to India leading to a emergence of a new economy for India.
However, it would be difficult for India to cope up with the technological advancements compared to China who had become the world's leader in cheapest high tech products and has miles to go forward on initiatives encouraging 'Make In India' and attracting more of foreign investments to become the world's global sourcing destination bagging the advantages of MNCs, congruent to China De-Risk Plan.
According to Swiss bank estimate, India's foreign direct investment (FDI) pipeline has doubled to $175 billion as compared to $87 billion last year from sectors like construction, electronics, infrastructure, textiles, food processing and pharmaceuticals.Companies are partnering with Indian government and organisations to impart skills to the youth population of the country. Amazon India recently launched a skilling program under the National Apprenticeship Promotion Scheme (NAPS), across its fulfilment centres in India. Many other companies like Google and Facebook are investing in india as its growth potential outwieghs to perform with its technological advancements and Digitalization.