'Bengaluru will lead in making India a $1 trillion digital economy'

A panel talk on Bengaluru’s role in achieving a $1 trillion digital economy at the Bengaluru Tech Summit saw Kiran Mazumdar Shaw, Nivruti Rai, Praveen Rao & Sanjeev Sharma share valuable insights

e4m by Neethu Mohan
Updated: Nov 19, 2019 10:02 AM
Bengaluru Tech Summit

The USA has 6 billion software engineers and among them 1 billion are Indians. India will have 1,00,000 startups and 100 unicorns by 2025. In software services, India dominates the world. India has a large vision and Bengaluru is going to lead in making India a $1 trilllion digital economy, said Mohandas Pai, Chairman of Aarin Capital and Manipal Global Education Services.

Pai was moderating a panel discussion session on Bengaluru’s role in achieving a $1 trillion digital economy at Bengaluru Tech Summit. The other panelists included Kiran Mazumdar Shaw, Chairperson, and Managing Director, Biocon; Nivruti Rai, Country Head, Intel India; Praveen Rao, COO & Member of the Board Infosys; Sanjeev Sharma, MD, ABB India, and Chairman, ABB Global industries and services. 

Speaking at the event Kiran Mazumdar Shaw said, “If Karnataka wants to be a leader in leading India, then we have to be a risk-taker and game-changer. We have to envision ourselves as a digital economy because that’s where we have a convergence of technologies.”

Shaw added, “If you want to be a technology powerhouse, then you have to see yourself as a technology leader. If you want to create Karnataka as India’s leading digital economy, then you have to start fixing everything about the digital economy, which will create not just a $1 trillion economy but much bigger ones. You have to map out the entire economy and see how quickly you can digitize everything.”

“For leadership to happen, there has to be a vision and strategy, and there must be both political and private sector ways to make it happen,'' added Shaw. 

Speaking on the role of an innovation ecosystem in Bengaluru, Rai said, “50 percent of the $1 trillion economy will be contributed by IT and engineering services etc. The rest 50 per cent can only be achieved by improving massive productivity in areas like financial services.”

Rao added India has become a large player in the startup ecosystem in the world, and Bangalore is leading from the front. “India has not done well in the area of patents as compared to the US and China."

Speaking about the R&D in India, Rai said, “The focus areas of our R&D are electrical engineering, followed by chemistry, then by mechanical engineering and healthcare.”

“In 2008, India has filed 750 international patents. At the same time, China has filed 6,000 and the USA 53,000 international patents. By 2018, the US had 56,000 patents filed, China 60,000, which has achieved 10X growth and India filed 2,100 International patents and achieved 3X growth,” Rai added.

“Tomorrow’s world will not have rich countries defined by the oil reserves. Data is the new oil,” Rai stated. Giving out higher education statistics, Pai said that in 2018-19, we have women enrollment overtake men in higher education.

About technology innovation, Sharma said, “Countries like the US, China, Switzerland, Germany, etc do well in terms of innovation and technologies when they try to solve some unique problems they have within their country.”

According to him, innovation starts when you identify unique problems in our own country, put talents around it, take those problem statements and try to solve them.

“Digital is a space that gives a unique opportunity for the younger workforce, and leaders to engage in those problem statements and release all the problems within the country,” added Sharma.

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