India jumped to 40th rank in the global innovation index this year: PM Modi

At the Bengaluru Tech Summit 2022, Prime Minister Narendra Modi said that India has the third-highest number of unicorn startups in the world and has reached 40th rank in the global innovation index this year

November 17, 2022

The Information Technology (IT) industry is going to hire 200,000 new employees in the coming term

India now has the third-highest number of unicorn startups in the world

India is on track to reach its bio-economy target of US$ 100 billion by 2025

Enterprise-led startups that particularly offer Software as a Service (SaaS) technologies will create global recognition for the country

Prime Minister Narendra Modi virtually inaugurated this year’s Bengaluru Tech Summit, the 25th edition of Asia’s largest technology event. 

PM Modi said that India has the third-highest number of unicorn startups in the world, after the total number of unicorns in the country doubled since 2015. This is due to India’s growing talent pool. Domestic, enterprise-led startups that offer Software as a Service (SaaS) technologies will create global recognition for the country through value and price. Moreover, in the Association of Southeast Asian Nations (ASEAN) region, India’s B2B and B2C startups continue to share their strategies for contributing their services globally. India’s startups are also going to disrupt rural ecosystems by helping most of the 150 million digitally-enabled farmers double their income. 

He further added that India reached 40th rank in the global innovation index this year. 

Speakers at the Summit said that the Information Technology (IT) industry is going to hire 200,000 new employees in the coming term. Driven by emerging technologies such as Artificial Intelligence, Machine Learning, Blockchain, Web 3 and Metaverse, the industry is expected to grow at 8-10% on a base of US$ 220 billion revenue.

India is on track to reach its bio-economy target of US$ 100 billion by 2025, and the country should aim to reach US$ 500 billion by 2047, according to industry experts at the Summit. Media reports said that agriculture and sustainability are going to be key pillars of this bio-economy where energy, health and food security are going to be the prioritised sectors. 

Additionally, Karnataka’s Chief Minister announced that the State will build six new “high-tech” cities and a dedicated “startup park”, to add more technology Research & Development (R&D) centres and universities. 

According to media reports, the Summit will house more than 575 exhibitors, witness at least 9 MoUs being signed and launch more than 20 products. Startups from more than 16 States will be participating in the event.

With a good pace of manufacturing and outsourcing technology services, incorporating more sustainable economic drivers, and focusing on expanding a higher domestic standard of living, India will earn many more global milestones in the years to come. 

Sources: India Today, Economic Times, Deccan Herald

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