Investments into new-age digital technology

With the rise of new-age technologies such as artificial intelligence and the proliferation of internet access all across India, it is an opportune time for India to invest in new-age digital technology.

India has been leading the world in building its own technology industry as well as talent base. We are relentlessly marching towards being the de facto top choice for setting up scale technology and capability centres. The Indian tech industry today stands on the cusp of the next leg of explosive growth and transformation from being a global IT service and outsourcing leader to becoming an IP-led software products and platforms powerhouse.

Despite recent global headwinds, we have seen consistent growth in the technology sector. With the rapid technology adoption across sectors, we are well poised to become a $5 trillion economy soon.

The best companies are leveraging technology to scale and grow. The budget must focus on investing in Tech R&D, product innovation, and technology solutions and services and ensuring 5G services all over the country.

With cloud and data technologies becoming the de-facto standard for businesses to operate, Gartner estimates that public cloud spending in India will grow 27% Year-on-Year in 2023. Amidst this, there is a need for the government to focus on incentivising the use of cloud services and deep tech like AI, blockchain etc., across industries.

In 2023 and beyond, upskilling of talent in an environment driven by technology will be mission critical. The government has made great strides towards this, through the Skill India program.

All the forecasted growth can be watershed as the Cyberattacks are increasing in terms of scale and complexity, making it one of the biggest threats enterprises face today. Amidst this, there is an urgent need to build a talent pool that is equipped to handle new-age sophisticated attacks.

Dr. Deepak Kumar Sahu, Editor-in-chief- VARINDIA