GES 2017 — India’s Time has come!
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There were a lot of interesting topics discussed at #GES2017, but what stood out most is the interest in India’s growth potential amongst the delegates.
A young population with average age in their late twenties and a growing influx of population to new cities, in search of a brighter future; India is already equipped to create the world’s most valuable skill force for the next few decades. Fast technological evolution is quickly making the current education system obsolete and resulting in the growth of new age online education, offering programs ranging from how-to-start-your-business to making sense of new age cryptocurrencies like Bitcoin.
The current young generations in India that will disrupt the world in the next decade will be tutored by professors who are online bots and universities which are based on the cloud.
More than 70% of Indians today are uninsured and pay for Healthcare from their own pockets. There is an immediate need for a robust nationwide healthcare system which keeps our population far from expensive out-of-pocket medical bills. Today, affordable high end medical treatment in India is fast driving ahead inward currency bound Medical Tourism sector and providing an opportunity for most Indians to enjoy the upgraded medical facilities at most private hospitals.
The growing reach of government-private healthcare services to the masses in small towns and cities via primary and secondary healthcare centres and establishing a widely accepted national insurance policy, will ensure more people receive quality healthcare.
‘Make in India’ today is a movement towards bringing together the maker spirit in India towards potentially helping young Indians create disruptive products for the world market. India’s added advantage of creating affordable and no-frills devices for tackling real world problems that we face on a large scale — such as an infant baby-warmer blanket for regions without stable electricity supply, power free portable devices for carrying vaccines for when cold storage facilities are not available; are all solutions for treating problems that the larger world population needs today.
Taking innovative Made-In-India solutions and creating a market for them overseas is a job the government has already set forth on, thanks to initiatives like the India- Rwanda Bi-lateral program by FICCI. Healthcare innovations from India can be the answer to solving the world’s medical problems at a fraction of the current price.
4. New Age Technologies — Drones
India’s growing e-commerce sector with companies obsessed about providing to the customer, the lowest price in the market and fastest delivery time, has hit roadblocks. Crowded cities cause efficiency loss to the logistics partners. Lack of good road or air connectivity to new towns and villages where the new age internet users are with growing disposable incomes, poses challenges for both consumers and companies. Drones if regulated and monitored by the relevant agencies, could solve this last mile connectivity issue, especially for areas that lack basic infrastructure and require urgent medical supplies that can be air delivered via drones.
The growth of technology adoption by government to help take informed data based decisions for farming, crop disease prediction etc. and a growing interest to remotely monitor our borders could drive drone adoption in India within the end of this decade.
5. Onset of the Smart Devices Era
With the growth of the personal assistant technology and evolution from Siri and Google Now on our phones, to Amazon Echo in our homes, we are moving into an age where voice is the defining human — machine interaction medium.
With Amazon doubling down on its India investment and the growth of the fitness lifestyle amongst Indian Urban youth, the rise of the smart devices market is set to soon rival sales and adoption like in many other developed markets out west.
6. Internet of Things (IoT)
There is a rise of connected devices globally, however the Indian market is yet to mature. The fast pace at which we are transitioning from LCD TV’s to Smart TV’s is evident of the fact that Indians favour high discretionary spending in the home consumer electronics sector. The next wave in the space is set to be with Internet enabled and connected IoT devices which are envisioned to make our homes and cities smarter.
7. Rise of the Renewables — Electric Vehicles
With India planning to eliminate the sale of petrol and diesel vehicles in the country starting 2030 and China aiming at a more accelerated timeframe of 2020, the world’s automakers are quickly relooking into their 5-year vehicle launch strategy and introducing more EVs into their R&D pipeline.
The market is set to take off and local infrastructure development for battery swapping stations and EV charging facilities will need to be invested into at a fast pace, to keep up with the changing market towards having vehicles with lower harmful effects on the environment and aimed at a more sustainable future.
This year’s GES welcomed delegates from 150+ countries to explore India and its potential for growth in areas of Healthcare and Life Sciences, Digital Economy and Financial Technology, Media and Entertainment, Energy and Infrastructure. Young foreign entrepreneurs saw an opportunity for them to build products for India’s 1.3 Billion plus population. Young Indian entrepreneurs saw an opportunity to take their ‘Made in India’ products and showcase them to the world population.
In short, we came, we saw, and we conquered our initial fears of unknown markets and people. Until GES 2018….