India has the potential to become the digital factory of the world by being at the forefront of change and adoption of the global digital revolution. For that to materialise, the country needs a new policy to incentivise the adoption of such technologies and develop the infrastructural ecosystem whilst meeting the requisite skills gap, and ensuring employment for millions entering the job market.
The new facets of ‘Make in India’ should now focus on growing digital services. Worldwide the trade in digital services is growing faster than trade in goods and traditional services. The mass availability of devices with the capability of working under the concept of IoT and advancement within the sphere of 3D printing, is shifting the potential life cycle value from equipment manufacturers to service providers.
India is looking ahead towards capturing 20 percent of the $300 billion IoT market by 2020, as the value of digital services continue to bolster we will now have to leverage the advantage we have built globally within the IT sector. By reiterating the requisite set of skills and pushing them in the direction of areas such big data analytics and cyber security, will help us win a considerable pie of the global digital services and aid in digitising our economic and manufacturing capabilities.
The author is Business Head, SSD, Panasonic India