India is not only an essential part of the global tech revolution but is rather leading and redefining the global technology sphere and innovation. The last few decades have proven to be a game changer for India, as it has emerged as a pioneer of innovation and technology. India comprises a large pool of skilled professionals, which resulted in the country seamlessly becoming a global IT outsourcing hub. This innovative movement was further amplified by strategic government initiatives and educational investments. India is the second-fastest digital adopter among 17 major digital economies. 

The nation has transformed the global technological landscape with its monumental contributions to space exploration, fostering an innovative consciousness, and cultivating an impressive IT industry. The rise in startups and remarkable millstones achieved by ISRO are a testament to this fact.  

Initiative on Critical and Emerging Technology (iCET)  

In 2022, India and the US joined forces to launch iCET (Initiative on Critical and Emerging Technology). As the name suggests, the two powerhouses strived to strengthen their collaboration in reforming technology. US President Joe Biden and Prime Minister Narendra Modi agreed to collectively contribute to the tech revolution. Quantum Coordination Mechanism, discussions on telecommunications, exchanges on AI and space, an agreement on a semiconductor supply chain, and the launch of the India-US Defense Acceleration Ecosystem (INDUS-X) in June 2023 have been the notable achievements of this collaboration. 

AI Revolution and Data Analytics  

India is determined to elevate the level of technological advancements by employing artificial intelligence. India is launching an AI mission to aid startups and innovators with more advanced power. The main agenda is to support them in tackling challenges in the healthcare, agriculture, and education sectors. The mission strives to establish strong computing capabilities for AI in India, encouraging startups and entrepreneurs. They significantly contribute to the country’s intellectual capital. Millions of jobs have been created in the IT industry, which consequently produces foreign exchange earnings. Additionally, data analytics have stimulated productivity and enabled data-driven decision-making.  

Goods and Services Tax (GST)

India has fluently employed technology to transform its economy, amplifying its ability to continue growing faster than other major economies. India’s use of technology has also had a positive impact on society and helped to reduce emissions. Technology has redefined the way the capital market functions and the opportunities it provides.  

One major change that propelled the economy of India was in the tax system. The National Goods and Services Tax (GST) is an online system of tax return filing where the back end ensures correct tax credits. This system shifts tax filings from quarterly to monthly, providing the government with steady and regular cash flow. The implementation of GST has the potential to increase India’s GDP growth rate by 0.9% to 1.7%. 

Financial Technology (FinTech)  

India is also paving the path for FinTech (Financial Technology) as it has implemented digital payment systems such as the Unified Payments Interface (UPI) that have revolutionized how the country handles its financial dealings. Financial services have become more accessible, convenient, and inclusive by formalizing the economy.  The emergence of mobile wallets, online banking, and digital lending platforms has driven a “tech-tonic shift” in India.  

Hence, the technological progress of India has had a profound impact on the country’s economy. It plays a key role in global expansion through entrepreneurship and innovation. Furthermore, financial technology has aided in the democratization of technology. It has proven to be a catalyst for economic inclusivity and promoting growth in crucial industries like healthcare, agriculture, and education.