Indigenous Technology Support For India
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Technology giants are in favour of harnessing the potential of digital growth in India. Recently at the time global turmoil due to the pandemic, India has seen an unprecedented technological growth amid the disruptions.
There has been major shift in the adoption of digital modes in every sectors, in India, to cope up with the rising uncertainties. Such has led to become a third largest startup market in 2020 at 11.8 billion USD, trailing by only the United States (143 billion USD) and China (83 billion USD).
Against 336 listed companies with a ~$1 billion market capitalization, there are now 100 unicorns in India with a combined market capitalization of $240 billion.
- As per the report of Credit Suisse’s March 2021 research of India’s corporate landscape.
Research and Development has always been the heart of technological growth in India along with the extended support from the giant tech companies. Amazon Inc., Microsoft Corporation, Cisco Systems Inc., Google are some of the international brands that has queued up, ready to provide teaming opportunities powering innovations.
India is also the second-largest technology hub for Amazon globally, with some of the most talented software developers, product managers, machine learning scientists, and research scientists as part of the team.
Stated the Amazon Global Senior Vice President and Country Head India, Amit Agarwal.
Aside the increased job losses since 2020, India has also seen a mojor uplift in the job count requirements for IT professionals, in 2021.
The need for digital transformation of companies has unearthed the increased job requirements. Cloud technology and Artificial Intelligence has acted upon in bringing a major shift to the industrial outlook all over the world.
Government Policies in Technology
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AI startups in India has led to a major growth of technology shift to digitalization. A total funding of $836.3 million has been attracted by such startups thereby causing a 336% rise in technology FDI between April and September of 2020.
The flagship mission started by the Indian Government on 2015, 'Digital India', has further encouraged digital empowerment of the economy.
India being one of the largest digital economy, there has been some shocking examples wherein the government took a stand against the privacy rules. Discourse of policies by the social media companies has also led them to bow in front of the Indian Governemnt rules.
In May, there were new rules from WhatsApp requiring all the users to comply, which has further noted a potential security and privacy breach by the foreign governments. WhatsApp sued the Indian government for forcing it in breaking encryption and compromising privacy.
Later on, Twitter went against the government orders of restricting more than 250 accounts, as this “would violate their fundamental right to free expression under Indian law”. Going against the Indian Government rules had never paved a smooth way for the company's finance as the risk of losing a biggest social media markets with 1.3 billion users worth too much for them.
Giant companies like Google are ready to adapt to the changes in regulatory frameworks even requiring to come up with a monthly compliance report, sharing details of complaints received and the action taken.