India’s transformation into a digital nation
As India completes its 75th year as an independent nation, it gives us an opportunity to reflect on the country’s digital evolution which has been both unprecedented and fascinating. With improving digital capabilities and connectivity across sectors, technology is proving to be a significant contributor to the Indian economy by creating new opportunities for businesses and individuals. While the public sector has played a pivotal role in India’s rapid digitalization, innovation led by private companies has helped accelerate the adoption of digital services such as Aadhaar, digital wallets, telemedicine and commerce electronics, among others. Local and global technology companies are developing intellectual properties in areas such as AI, automation, cloud, IoT and 5G to drive business growth, data-driven decision-making and facilitate better collaboration.
We spoke to a few industry leaders to hear their thoughts on how digital disruption is adding value to the economy, trends that will shape India’s ‘Techade’, tech companies helping to build digital ecosystems forever assets, new skills in demand and where the next phase of growth is coming from.
Sandeep Dutta, Managing Director and Head of Growth and Strategic Client Relationships, Accenture India
“We are in an era of compressed transformation where organizations are transforming multiple parts of their business simultaneously instead of step-by-step programs. For example, they are simultaneously redefining their platform to the cloud, re-engineering supply chains, adopting new ways of working, creating new customer experiences and finding new sources of growth. This transformation across industries is driven by changing consumer preferences and an accelerating pace of digital adoption. As organizations undergo complete reinvention, investments in technology are helping Indian companies create resilient, dynamic and scalable operating models, responsive supply chains, improve customer and employee experience, while innovating to create new digital native business models.
For a successful digital transformation program, companies must take a holistic approach that focuses on their entire value chain. Leadership commitment to the program, a data-driven organizational culture, and building digital skills are imperative.
Going forward, companies must continue to redouble their efforts and investments in digital transformation, combining the power of data, AI and industry X, supported by the cloud. Companies need to engage in more digital-focused strategic partnerships and investments and think beyond traditional industry boundaries. Moreover, every company must prepare to compete in the Metaverse continuum which will include several technologies including extended reality, blockchain, artificial intelligence, digital twins, smart objects, edge computing, among others.
Monish Darda, Co-founder and CTO, Icertis
“Over the past few years, India has transformed itself into one of the global tech powerhouses in the world. The pandemic – to a large extent – has accelerated the pace of digitalization, with companies changing their working models and adopting new technologies almost overnight.The India Stack has also helped facilitate the adoption of digitalization across social, geographical and economic layers with its presenceless, paperless, cashless and consent layers. According to data from NASSCOM, this digital disruption helped the IT industry double revenue growth from pre-pandemic fiscal year 2019, reaching $227 billion in total revenue.It also created the need for a skilled digital workforce that understands emerging technologies including AI/ML, cloud, data analytics, and blockchain.As a result, the industry has added new many new recruits, bringing the total workforce of the industry to 5 million. Perhaps most importantly, the India Stack has extended digitalization to other areas, including retail, banking and finance, insurance, and automotive.
More opportunities in various sectors will open up as the country becomes an active participant in digitalization. For example, new e-commerce businesses similar to Flipkart and Myntra are being created in newer industries such as healthcare, pharmaceuticals, senior care, travel, entertainment, art, and others. India’s next phase of growth will be fueled by the expansion of digitalization into traditionally highly tactile and human-centric areas, innovative technologies like Web 3.0 and the metaverse, and the development of new skills and opportunities employment. Technology companies, especially start-ups, will predictably build Software as a Service (SaaS) platforms to enable this transformation. We live in a time where we are not just experiencing a Techade, but a disruption in the way India trades globally for the next century!
Faiz Shakir, Managing Director – Sales, Nutanix India & SAARC
“India’s IT sector has witnessed massive growth over the past decade, with India becoming home to many well-known start-ups and large tech companies. Digital disruption, along with India’s ability to innovate and focus on customer needs, has enabled this growth.
“The digitalization of industries in India has also created new opportunities for upskilling and career growth for so many. We have seen companies open large campuses across the country with a wide range of strategic roles dedicated to solving problems, developing new products and services, and supporting organizations as they transform and strive to remain agile and resilient in times of change.
“Nutanix is proud to be a part of this excitement in India, helping our customers make smart cloud decisions, starting with modernizing their data centers with our hyperconverged infrastructure to using our multicloud solution. hybrid that allows them to put their applications in the environment that makes the most sense, whether private or public clouds.
Shreeranganath Kulkarni (SK), Delivery Manager, Birlasoft
Young people in their twenties and thirties with a multi-million dollar start-up were unheard of in India at the start of this century. Today we have many such unicorns and India is a fertile ground for start-ups. Most of them being technology-based, the IT sector has contributed to independent India in more ways than one. Whether it is new skills, economic empowerment, globalization or technology adoption, Indian IT has become part of the central fabric of the new India.
While several milestones have been reached on this wave, the most important of them is that India has strengthened its position on the global roadmap. New technologies have paved the way for future working life, where every individual and every sector makes the most of technology to drive efficiency and innovation.
According to NASSCOM, this digital disruption in the industry helped it add its most recent $100 billion in just 10 years, while it took 30 years to add the first $100 billion. Additionally, through this growth, the industry has also helped create more opportunities for skilled talent in new era technologies such as artificial intelligence (AI), quantum computing, data, etc., adding 445,000 net new hires in FY’21 alone.
Companies have also stepped up their digital transformation efforts to solve their complex business problems, where technology plays the role of enabler.
While we all know that trends like Metaverse and Web 3.0 are bound to shape the future of the tech industry, we can also expect trends like greater business process automation to help of robotics, edge computing, blockchain, etc., are taking over this Techade. Everything as a Service (XaaS) is another trend that will benefit companies trying to maintain business continuity by increasing agility and reducing operating costs. We are also seeing companies leveraging AI and robotic process automation (RPA) to create an always-on digital ecosystem for their customers and other stakeholders. Automation helps scale with predictability, which improves business efficiency. Moreover, with such trends shaping the world of technology, we can expect digitally advanced sectors such as manufacturing, fintech, healthcare, banking and energy to take the next step and get a booster dose to solve the mega challenges of the country and the world.
Dr. Rishi Bhatnagar, President, Aeris Communications
“Accelerating digitalization is being watched by economies and consumers alike. Prime Minister Narendra Modi has also correctly called Techade India’s future. Big tech companies and startup innovation ecosystem are driving of the expansion of our digital economy.Healthcare and pharmaceuticals, BFSI, e-commerce and retail, and manufacturing have become early adopters of developing technologies.Modern technologies offer to India the opportunity to establish itself as a powerful global capability The main differentiators are now talent with the right skills, innovation, inclusiveness and sustainability, rather than just price, as India has “a large pool of technical talent well positioned to meet the growing demand for specialist talent. I am proud to say that India has rightly invested in this ns of modern technologies such as Industry 4.0, IoT, AI/ML, Blockchain, Cloud native, etc. that will help the country accelerate the digital revolution.