Rising economic boom through tech
Voice and Data|August 2024
India's economy, fuelled by tech growth and policy reforms, surged to USD 3.6 trillion, with a booming start-up ecosystem and rapid e-commerce expansion
JAIDEEP GHOSH
Rising economic boom through tech

India's economic journey from USD 300 billion in 1993 to a staggering USD 3.6 trillion behemoth today is a testament to its resilience and policy reforms. The past decade, in particular, has witnessed a surge in technology-led sectors propelled by government initiatives. Effective implementation of ongoing and new reforms is crucial to sustain this momentum and realise the vision of a developed India by 2047.

Technology is emerging as a key differentiator in determining economic prosperity. The Government of India has played a crucial role in fostering the growth and competitiveness of technology and services sectors by creating an enabling environment.

So, which key sectors rely on technology, and how are government policy reforms driving sustained growth across India? The country's Economic Survey 2023-2024, published by the Ministry of Finance, Government of India, answers many of these questions.

RAPID GROWTH OF TECHNOLOGY-LED SECTORS

Over the past decade, information technology and related services have become increasingly significant, with their share of total GVA nearly doubling to 5.9% in FY23. The pandemic expedited the growth and acceptance of technology-driven solutions.

IT and IT-enabled services have contributed to India's external balance through export earnings. This includes exporting IT services and Global Capability Centres (GCCs). The GCCs in India have grown significantly, from over 1,000 centres in FY15 to over 1,580 by FY23. Total talent employed in Indian GCCs exceeded 1.66 million.

This story is from the August 2024 edition of Voice and Data.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the August 2024 edition of Voice and Data.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM VOICE AND DATAView All
Can OTTs stay away from telcos' stride?
Voice and Data

Can OTTs stay away from telcos' stride?

OTT, or Internet-based communications platforms, have been excluded from the Telecommunications Act, 2023. Can they continue to survive?

time-read
4 mins  |
October 2024
Will Vodafone-Idea survive the AGR tempest?
Voice and Data

Will Vodafone-Idea survive the AGR tempest?

Telecom major Vi faces its greatest battle yet as it negotiates AGR dues with the Centre, a decision that could seal its fate in India's telecom industry

time-read
5 mins  |
October 2024
Linux in the hybrid cloud: Building with digital Lego blocks
Voice and Data

Linux in the hybrid cloud: Building with digital Lego blocks

Linux, the flexible backbone of the hybrid cloud, combines modularity, security, and cost-efficiency to power modern enterprises' digital transformation

time-read
10+ mins  |
October 2024
Cultivating the AI mind to think deeper
Voice and Data

Cultivating the AI mind to think deeper

With the o1 model, OpenAI brings AI closer to AGI by fostering deeper, reasoning-driven solutions for tackling complex problems with a new level of thoughtfulness

time-read
5 mins  |
October 2024
The flash mob of connectivity
Voice and Data

The flash mob of connectivity

Self-organising, solar-powered mesh networks bridge connectivity gaps, offering resilient, sustainable solutions for rural areas, industry, and disaster relief

time-read
5 mins  |
October 2024
FIXED BROADBAND: THE UNMATCHED BACKBONE OF A DIGITAL ECONOMY
Voice and Data

FIXED BROADBAND: THE UNMATCHED BACKBONE OF A DIGITAL ECONOMY

In a mobile-first world, FBB still delivers unmatched quality and greater capacity at lower costs, making it indispensable for India's digital growth ambitions

time-read
3 mins  |
October 2024
TELCOS TO TECHCOS: GEARING UP FOR A TECTONIC SHIFT
Voice and Data

TELCOS TO TECHCOS: GEARING UP FOR A TECTONIC SHIFT

Telcos are evolving into tech companies, embracing cloud, Al, and loT to unlock new revenue streams and reshape the future of digital services

time-read
4 mins  |
October 2024
"RedCap can play a critical role in shaping India's digital future"
Voice and Data

"RedCap can play a critical role in shaping India's digital future"

Airtel has conducted successful trials of RedCap devices in collaboration with Ericsson, demonstrating the technology's potential within our network.

time-read
5 mins  |
October 2024
How Israel Used Legacy Tech For Electronic Warfare
Voice and Data

How Israel Used Legacy Tech For Electronic Warfare

The attack leveraged tampered pager tech, blending human intelligence with electronic warfare to enable kinetic use of Hezbollah's communication radio devices

time-read
6 mins  |
October 2024
"REDCAP CAN IGNITE A NEW ERA OF 5G INNOVATION"
Voice and Data

"REDCAP CAN IGNITE A NEW ERA OF 5G INNOVATION"

Extended discontinuous reception (eDRX) allows devices to enter a deep sleep state, only waking up when necessary to check for network updates

time-read
3 mins  |
October 2024