India’s past was prosperous it has witnessed the golden era, once it was called “son-chirraiya” but this doesn’t mean it cannot cover up the loss; the charm, the prosperity and the world recognization that we had at some time in the past. The time is apt for India to reinvent itself in the 5th industrial revolution. India has a huge potential to come over the loss that it has suffered in previous years and establish herself once again as the world leader.
Due to the NDA government scheme of Digital India, India had once again started its journey to raise herself above all. India has improved its ranking from 81 to 52 between 2015 to 2019. This ranking is in the case of risk posed to foreign investments. The biggest success in this stream came to India when it ranked third in the world in terms of attracting investment for technology transactions. This could be possible because of digital India campaign and demonization added fuel to this campaign.
However, India needs a lot of correction and amendment to attract more foreign investors. India still doesn’t provide that safe atmosphere to foreign investors, it is still a risky place to invest in. We need to bring some serious reforms if we want to attract high investment.
Provided these favourable conditions can be met, India has unmatched potential to become the world’s next Silicon Valley.
Innovation in India
Talking about innovation; this is the second pillar for any country who wants to achieve economic success. No matter what you need to have good manufacturing as a back-up along with huge foreign investments. India is a young country by 2025 most of the population would be in the age gap of 14-50 that means we are growing younger day by day. This marks proof of our youth power. India has a large amount of manpower and developing brain which is somewhat making the scenario quite clear that India could be next Silicon Valley.
Due to the availability of cheap labour and minimum cost India gains an advantage over other neighbouring countries. Historically, this outsourcing has boosted the country’s wealth, while also providing much-treasured employment and fuelling urbanization.
The major problem in becoming the next Silicon Valley is high tariffs that investors need to pay to the Government of India.
Protectionist policies have been particularly prominent under the current administration in the US, which was historically one of the largest outsourcers to India. This protectionist approach and the rise in tax breaks for domestic job creation are beginning to erode the appeal of outsourcing.
As a country, India has leapfrogged many stages of tech development, even as it took Western nations several decades to experience the same progress.
Not enough talent for innovation?
Despite everything, India is still lacking in skilled manpower and it suffers a significant skill gap when it comes to a future of technological innovation.
India ranks 8 in terms of the number of students graduating in science and engineering but sadly their strength is in quantity and not based on quality. Apparently, this is not acceptable if a nation wants to deepen its hold in world economic status.
According to statistics out of these many engineers passing out each year less than 4 per cent truly have the skills and mindset of an engineer. This is sad but the fact and truth of the country. These people on which the fate of the country depends are not worthy enough.
Apart from these India has also suffered continuous brain drain. Most of the successful individuals and CEOs and high ranked officials in the world are of Indian origin. None other than recently most talked about politician Kamla Harris is also of Indian origin.
Seeing the overall scenario we can speculate that India can take up its stand as Silicon Valley all it needs to do is to make certain reforms and the New Education Policy is hoped to play a crucial role. As for now, we cannot take any rigid stand.
