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      India’s Robust Tech Ecosystem to See Spring Not Winter while Digital Economy Ready for Strong in 2023 : MoS IT

      India’s digital prowess will grow in 2023 and over the next 5 years, driven by technology, start-ups, semiconductors, electronics and computing, Minister of State for Electronics and IT Rajeev Chandrasekhar has said allaying any concerns over tech winter, and predicting spring for the country’s booming innovation ecosystem.

      This comments by the IT minister are significant given the backdrop of slowdown headwinds in the West, recent spate of layoffs by US tech giants, global market turmoil, and talks of tech winter.

      Rajeev Chandrasekhar, who is the Minister of State for Electronics and IT, told PTI that global and domestic opportunities for digitisation continue to be “very strong“.

      Rajeev Chandrasekhar exuded confidence that India’s trillion dollar digital economy vision is “well within our grasp” and “an absolutely incontrovertible fact“.

      The momentum of digital economy will continue in 2023, back by enabling rules and laws that offer catalysing framework for technological growth and innovation, Rajeev Chandrasekhar promise.

      It is pertinent to mention here that while India has tighten IT rules for the safety of digital and social media users, and work has start on new law for data protection, the norms for online gaming and contours of the draft Digital India Act are expect to be out very soon.

      Rajeev Chandrasekhar Said :

      “We see no winter…if anything, it is summer and spring for the next five years,”.

      Demand for Indian talent, as well as products and technology that are design in India and Made in India, continues to be robust, Rajeev Chandrasekhar point out.

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      Rajeev Chandrasekhar Said :

      “India as a market for consuming digital products and digital services is one of the biggest markets for the next 5-10 years. So all these (factors) point to India continuing its digital economy expansion to reach one trillion dollars in the next 4-5 years,”.

      According to Rajeev Chandrasekhar, innovation and the start-up momentum will continue despite certain corrections now and then.

      At the same time, companies cannot merely sit and relax, but will have to upskill and brace new business models to be relevant amid market disruptions, Rajeev Chandrasekhar said.

      Companies that do not innovate with agility, or adjust to changes will face challenges “create not by the market, but relate to their own preparedness for this digital opportunity,” Rajeev Chandrasekhar caution.

      Rajeev Chandrasekhar Said :

      “…that trillion dollar digital economy is well within our grasp, and that we have a very reasonably high opportunity to reach the trillion dollar digital economy, firing on all cylinders, is an absolutely incontrovertible fact,”.

      Since 2014 when India’s digital might meant only IT and IT-enable services, the country had taken rapid strides, diversifying and expanding into new areas.

      Now while IT and ITES sector continue to grow at 15%-20% per annum, there is also world-class startup and innovation ecosystem.

      While India has made a mark in electronics manufacturing, emerging as a production powerhouse, the year 2023 will also see rapid strides in deep tech innovation, semiconductor design, electronics design, blockchain, supercomputing, open compute initiatives, automotive, 5G and other emerging areas.

      Rajeev Chandrasekhar Said :

      “In the coming five years, all these will continue to chug along at high rates of growth,”

      He said adding these new and emerging areas will attract investments, create digitalisation products, and services opportunity for the country.

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      Rajeev Chandrasekhar said underlining the need for companies to keep pace with technological changes :

      “In those five years, will there be some corrections? Yes, this is the nature of tech…because tech is so disruptive and changes are so rapid, a company that was doing, say, something in the classic `Web2′ area, will find itself totally irrelevant in the `Web3′ space 1-2 years from now,” .

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