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WASHINGTON, March 12 (PTI) — India is currently moving rapidly up the value chain from low-cost software services to manufacturing, offering huge opportunities in the field of deep technology and technology-driven transformation, according to leading experts.
“I’m a big believer in the opportunity in India, and I saw that when I was in the Obama administration,” said Arun Kumar, former assistant secretary of commerce for global markets and director general of the US Foreign Commercial Service (USFCS). Obama administration.
Kumar, who is currently the managing partner at Celesta Capital, said this is driven by some good fundamentals, the availability of talent of international standards, digital has become ubiquitous, laying the groundwork for a lot of innovation; advancing manufacturing to make India a leader in manufacturing Competitive on the one hand, and ultimately advance India-US relations under the leadership of Modi-Biden.
“Overall, it’s a very optimistic story about India,” Kumar said at the recently concluded TechSurge Silicon Valley conference, hosted by Celesta Capital at the Computer History Museum in Silicon Valley.
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Celeste Capital provided the conference video.
He observed that India was becoming an important economic and strategic partner of the United States.
The US-India Initiative on Critical and Emerging Technologies (iCET), recently advanced by a meeting of the two countries’ national security advisers, pledges to create a strong innovation ecosystem between the two countries, covering cooperation in artificial intelligence, high-performance computing, defense and space technology, semiconductors and next-generation telecommunications.
“Usually, or at least five or six years ago, we were used to India not doing well. India had a lot of trouble and so forth, while the rest of the world was much better off. Now it’s the opposite,” said World Bank Chief Economist India has made significant progress on the ease of doing business since 2014, noted analyst Indemith Gill, an indicator that has been championed by the World Bank even though it was discontinued in 2020.
“If India is doing well in attracting investment, this could be India’s time,” Gill said.
According to Arogyaswami Paulraj, professor emeritus at Stanford University, India’s deep tech priorities will be driven by semiconductors and energy, decarbonization – green hydrogen and electric vehicles.
In the US, the deep tech industry contributed $550 billion, or 2.5% of GDP, but it underpins nearly 40% of total GDP. India currently imports almost all of its deep tech needs, so building local capabilities is a national priority.
“All the tailwinds in India present a huge opportunity for deep technology investment,” he said.
The deep tech field is a global industry with a widely distributed supply chain. Therefore, a reasonable goal for India is to join the club of high-tech countries and capture 5% of the global market share in the next decade. This would translate into $150 billion in accretive revenue, representing a market capitalization opportunity of over $1.5 trillion. He said the first push for deep tech in India is the Indian Semiconductor Mission, which aims to build capabilities in this most fundamental technology.
“Looking at India today, I’m very, very optimistic. One thing is I do think there’s a lot of political consensus on the direction of the country. Whether it’s the current government or the new government, the economic model of the country, well, they’re going to be very Stability. So, I think that’s a big advantage,” he said, adding that India’s digital transformation has proven to be very successful.
Sriram Viswanathan, founding managing partner of Celesta, observed that India is moving up the value chain from low-cost software services to manufacturing and deep technology development, such as semiconductors and other hardware-related industries. India is creating very advanced companies in semiconductor design, manufacturing automation and robotics.
“India has a huge opportunity in the next decade. I see it growing exponentially. In India, nothing is linear,” said Anand Unnikrishnan, Managing Director, National Infrastructure Investment Fund (NIIF).
He described NIIF’s successful operation as a public-private partnership. He pointed to the vibrant startup ecosystem and venture capital environment in India today.
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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