February 21, 2024

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India’s Digital Economy: Tech Transformations Unveiled

Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT Rajeev Chandrasekhar shared comprehensive insights into India’s tech landscape at the 26th Edition of the Bengaluru Tech Summit.

Minister Chandrasekhar navigated through a spectrum of crucial tech domains, unravelling India’s transformative journey and the role of entrepreneurship and innovation in the digital economy. He shed light on India’s burgeoning semiconductor industry, the transformative potential of AI, and the instrumental role of startups in shaping the nation’s economic future.

Minister Chandrasekhar reflected on the dynamic shift in India’s semiconductor narrative, echoing the sentiments articulated by India’s Prime Minister at the Semicon India 2023 Summit. He underscored the evolving perspective from “why India” to “when in India” and “why not in India.”

This transformation signifies the growing confidence and capabilities within India’s tech ecosystem, a testament to the nation’s progress in diverse domains such as AI, semiconductors, electronics, Web 3, supercomputing, and high-performance computing.

“Pre-2014, India’s semiconductor story was a series of missed opportunities,” reflected Minister Chandrasekhar while tracing the trajectory of the semiconductor industry’s evolution.

Despite lacking a design legacy, Minister Chandrasekhar emphasised India’s strides in the semiconductor sector. Acknowledging the catch-up game after missed opportunities, he highlighted India’s leapfrogging approach, skipping a generation to explore novel opportunities for the next decade.

The focus on talent, design, packaging, and research has propelled India towards becoming a significant player in the global semiconductor ecosystem, marking a definitive trajectory of growth.

Minister Chandrasekhar reiterated India’s emphasis on harnessing AI’s transformative power resonates deeply with India’s commitment to leveraging cutting-edge technology for societal betterment and enhanced living standards across diverse segments of the population.

“We believe that AI when harnessed correctly, can transform healthcare, agriculture, governance and language translation”: MoS Rajeev Chandrasekhar

By integrating AI technologies into these sectors, the aim is to revolutionise service delivery, streamline operations, and democratise access to advanced services for all citizens. However, he also addressed the inherent risks posed by the potential misuse of AI by bad actors, stressing the need for legislative guardrails to ensure safety and trust in AI applications. Aligning with global sentiments, Chandrasekhar highlighted the necessity for regulatory frameworks to prevent misuse and foster ethical AI deployment.

“The world is now aligning with India’s view that we need guardrails of safety and trust for the Internet,” he said.

In an increasingly tech-dependant world, Mnster Chnadrashekhar believes that innovation and entrepreneurship are vital – startups are the pillars of India’s tech evolution. Elaborating on India’s startup landscape, Minister Chandrasekhar showcased the pivotal role played by startups since 2014, citing the emergence of 102 unicorns and a substantial influx of FDI.

He emphasised how startups are not just economic entities but integral components of India’s tech vision, contributing significantly to the digital economy’s $1 trillion goal. With a focus on nurturing the futureDESIGN DLI startups, Chandrasekhar envisaged their potential to become the unicorns of tomorrow, driving innovation across AI, semiconductors, and next-gen electronic systems.

Minister Chandrasekhar’s insights underscore India’s rapid tech evolution, emphasising the nation’s strides in semiconductors, the transformative impact of AI, and the pivotal role of startups. As India charts its course towards a $1 trillion digital economy, its vision encapsulates the imperative of regulatory frameworks, innovative strides, and collaborative efforts in harnessing technology for inclusive growth and global relevance.

OpenGov Asia reported that Minister Chandrasekhar, who spoke at two influential tech events: the Indian Express Digifraud & Safety Summit 2023 and YourStory Techsparks’23, expressed similar views on India’s technological advancements, regulatory policies, and the nation’s promising future in the global tech landscape.

At these tech summits, Minister Rajeev Chandrasekhar outlined India’s ambitious technological trajectory, reinforcing the government’s dedication to fostering innovation, ensuring a safe digital environment, and harnessing the transformative power of technology for the nation’s progress.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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