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India, the world’s fastest-growing major economy, is looking to transition from a global information technology (IT) service provider to an IT product superpower, while leveraging technology to boost economic growth and global recognition. “Becoming a product nation is an ambition that India has,” S Krishnan, Secretary at the Ministry of Electronics & Information Technology, said at the 33rd Foundation Day celebrations of Software Technology Parks of India (STPI). The STPI is an autonomous body set up to promote India’s IT and IT-enabled services (ITES) industry. “India’s global recognition is no longer limited to “IT services” but the country is emerging as a strong player in software product innovation,” Krishnan said in a report released during the Foundation Day celebrations. “As we chart our journey toward becoming a formidable player in software products, it is imperative to harness cutting-edge technologies and explore sectors where India can leverage its existing strengths to propel growth. Indian software products nowadays cater to niche industry demands and the focus is now on design and creation of IP (intellectual property),” Krishnan said in the report. Krishnan said India’s IT and ITES sector is a $250 billion industry that employs close to five million youth with potential for further employment. “As the digital economy grows, as emerging technologies get adopted, as we adopt technologies like artificial intelligence (AI), Internet of Things (IoT), blockchain, and a whole host of others, the opportunities that exist for youth are tremendous. High quality jobs, higher value-added jobs, which will take India to the next level of development, are in this sector. This continues to be a sunrise sector,” he pointed out. Krishnan’s statements come as Prime Minister Narendra Modi, who won a rare third consecutive term during national elections this year, is reportedly positioning India as an alternative for global tech…

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Filed under: News - @ June 17, 2024 7:24 am