India's Role in the Intelligent Age: How Can Startups Drive Change?

As the world transitions into the Intelligent Age—a new era marked by advances in AI, quantum computing, and blockchain—nations are faced with transformative opportunities and profound challenges. This article explores India's position in the Intelligent Age and how the country can harness the vast potential of the digital era by fostering entrepreneurship, nurturing its startup ecosystem, and emerging as a global hub for innovation.

According to a World Economic Forum (WEF) article on How India is Carving Out Its Role in the Intelligent Age, this shift is not just technological but societal, with the power to elevate humanity or deepen global divides. In this context, India stands at a pivotal moment, uniquely positioned to take a leading role in this digital revolution.

The country's young, educated and ambitious population will drive the country's progress in the Intelligent Age, says the article.

With a $4 trillion economy, a resilient 7-8% growth rate, and a vast, youthful population, India has the foundation to thrive in the Intelligent Age. However, to fully realize its potential, India must shift from being a hub for low-cost manufacturing to becoming a global leader in high-tech innovation. The country's ambitious initiatives like the National Quantum Mission and India Semiconductor Mission demonstrate its commitment to cutting-edge technology, but more significant investments and advancements are essential.

India's evolution hinges on embracing a “Make Smart in India” approach, where AI, robotics, and data analytics transform industries. As the WEF article points out, “India must shift its focus from being a global hub for low-cost manufacturing to a leader in high-quality production and innovation.”

India's Tech Supply Chain and Startup Ecosystem

As global demand for semiconductors soars, India stands at a critical juncture in the technology supply chain. The country is strategically positioned to become a major player in the global semiconductor market. By attracting international giants and nurturing homegrown companies, India can solidify its position in this crucial sector. International partnerships, targeted investments, and a focus on local talent development are key to achieving this goal.

India’s data-rich population also gives it a unique advantage. Every day, the country generates massive amounts of data that can fuel innovation and unlock unprecedented economic opportunities. With leadership in data governance, highlighted by the Personal Data Protection Bill, India is positioning itself as a thought leader in global data ethics, setting standards for equitable benefit-sharing in the digital world.

The Rise of India’s Startup Ecosystem: A Global Innovation Powerhouse

India's thriving startup ecosystem is a powerful force in the global digital landscape. With over 110 unicorns and 130,000 startups, the country has become a hub of entrepreneurial activity, contributing to global innovation across sectors such as fintech, health tech, e-commerce, and AI. This is bolstered by India’s young, tech-savvy population—more than 50% of its people are under 30—who are rapidly adopting new technologies.

According to the article authored by Klaus Schwab, Founder, Executive Chairman, World Economic Forum, “India can capture the immense potential of the digital age by unleashing a tsunami of entrepreneurship and becoming a global hub for innovation.” The government's Startup India initiative has provided crucial support to entrepreneurs, fostering a vibrant ecosystem that is helping India emerge as a leader in global innovation.

Enablers to Propel India into the Intelligent Age

The WEF article suggests that despite its strong foundation, India must accelerate its investments in research and development (R&D). Currently, India's R&D expenditure stands at just 0.7% of GDP, well below the global average of 1.8%. To fully harness the potential of emerging technologies like AI, quantum computing, and semiconductors, India needs to boost its R&D spending significantly. This investment is not only vital for innovation but also for securing India’s economic future in the Intelligent Age.

Talent development will play a critical role in this transformation. India must prioritize specialized education programs, partner with global technology companies, and overhaul its STEM curriculum to include AI, machine learning, and data science. Vocational training is equally important in equipping the workforce with the necessary skills for the jobs of tomorrow.

With strengthened infrastructure, improved ease of doing business, and robust governance measures, India can achieve its ambitious vision of becoming a $10 trillion economy by 2047, as part of the "Viksit Bharat" initiative.

Technology: A Catalyst for Inclusive Growth

India has successfully leveraged technology to drive inclusive growth over the past decade. By promoting broad-based development, the government has drastically reduced poverty and improved the delivery of essential services. During its G20 presidency, India showcased its commitment to global equality, playing a key role in including the African Union as a permanent member of the G20—an important step toward global inclusivity.

India’s vision for the future is clear: technology should be a bridge, not a barrier. By championing a human-centered, sustainable approach to technological innovation, India aims to ensure that the benefits of the Intelligent Age are widely shared. As a key partner, the World Economic Forum continues to support India in advancing prosperity in the digital era.

Embracing the Intelligent Age: A New Paradigm for India

As industries rapidly evolve under the influence of AI, robotics, and quantum computing, India faces both immense opportunities and challenges. The Intelligent Age is set to redefine how we live and work, and India must seize this moment by embracing technology not only as a tool for innovation but also as a solution to global challenges like inequality and climate change.

India’s journey into the Intelligent Age is ambitious, but with the right investments, policy frameworks, and collaborative efforts, it can emerge as a global leader in digital transformation. By doing so, India will not only drive its own prosperity but also contribute to a more equitable and sustainable future for all.

The World Economic Forum's Sustainable Development Impact Meetings (SDIM24), taking place from September 23 to 27, is an annual series of discussions aimed at fostering action, partnerships, and innovation in sustainability to promote the Sustainable Development Goals (SDGs). SDIM24 drives action towards the UN  SDGs.

Join Our Thriving Entrepreneurial Community

Follow TICE News on Social Media and create a strong community of Talent, Ideas, Capital, and Entrepreneurship. YouTube  | Linkedin | X (Twitter) | Facebook | News Letters