Science and Technology Industry In India
Indian technology industry ranks 3rd in the world and the most attractive investment destination place. Dr. Harsh Vardhan, union minister of the department of science and technology aims to make the people technology savvy. The country is strongly focused on science and technology and committed toward it, realizing that it is an important element for economic growth. India is among the top countries in the field of scientific research and one among the top five nations in the stream of space exploration. During 2010-2020, India worked brilliantly in the field of space from launching the number of satellite simultaneously or placing satellite on the moon orbit and so on.
India offering its space facilities to other nations and generating revenue by launching satellite for their use.
Technology Industry in India – Market Horizon
India ranked 52nd in the GII (Global Innovation Index) 2019 and in the 50th position on gross expenditure in research and development. In 2020, India moved 4 places up to achieve 48th rank, the first time India came in the Global Innovation Index (GII).
The engineering research & development and product development market is estimated to reach 42 billion USD by 2022. The government rigorously promoting technology business incubators and park technology.
Recent Government Initiative and Development
Almost all the sector is directly or indirectly depend on science and technology so it is imperative to enhance the technology, other sectors will be enhanced. India gradually becomes self-reliant in most of the sector. The government invested a considerable amount to develop the other sector through scientific research. Let see the recent development in the field of technology in India are as follows.
India planned 36 missions for FY 21 including satellites and launch vehicles.
ISRO (India Space Research Organization) established a space technology incubation center in Agartala, Tripura
In Sept 2020, India successfully launched next-generation hypersonic cruise missiles. And become part of few countries having the potential.
In Sept 2020, Sree Chitra Tirunal Institute for Medical Sciences and Technology made technology to safely handle the infected respiratory secretions via canister bags, it helps the medical worker who they are at high risk due to contagious disease, TB and covid-19
In Sept 2020, Tech Mahindra, an IT firm announced a collaboration with AWS to develop blockchain technology solutions.
In Sept 2020, India, Israel and the US announced a collaboration on a trilateral partnership, aim to develop 5G technology for telecommunication.
Sector Composition
| Sector | Global Rank |
|---|---|
| Scientific and Technical Manpower | 3 |
| Scientific Publications | 3 |
| Science and Technology Research | 7 |
| Graduates in Science and Engineering Stream | 8 |
| Resident Patent Applications | 10 |
Indian Technology Revenue FY 2020 (USD)
| IT Services | 97 Billion |
| ER & D, Products | 40 Billion |
| BPM | 38 Billion |
| Hardware | 16 Billion |
Conclusion
India is aggressively working to become self-reliant and establishing itself as a leader in technological development. India already achieved this milestone in the nuclear energy sector and planning to expand its nuclear capacity. Moreover, nanotechnology and agriculture sector is expected to transform India’s pharmaceutical industry, Indian government investing heavily for a technology-driven Green Revolution. Most probably ISRO will launch its a first-ever human mission.
Source: IBEF