Quote from Mr. Ravi Jagannathan, MD & CEO of Y-Cash Software Solutions on his expectations from the new Government in the IT industry:
With 1.2 billion population and half of them below 25 years, India has different sets of challenges. We are in the early years of “baby-boomer”. As we are setting a stage for our growth, remembering the future will help us to understand what we will be known for (like China known for manufacturing and Japan known for electronics).
Over the past two decades, we have proved our strength in Technology Talent to the world. Thus instead of searching for something new, we can as well propel the technology sector further. It is amazing to note that top technology companies across the globe are managed by Indian CEOs, worlds best projects are developed by Indian tech professionals, yet India is only known as “technology service or talent provider”. Despite having the best in technology, we haven’t built top technology product companies.
A 3rd of global youth population and world class educational institutions are in India. The new Government could strategise to create an identity for India as a strong technology nation which can further enable sustained growth. Enabling easier venture funding (including maybe a government sponsored fund such as Singapore’s Temasek Holdings), provide tax sops, set-up IT innovation centres in tier 2-3 cities and strengthening the technical education infrastructure etc can be considered for this.
We also anticipate that the new Government will consume Technology for advancing a lot of its initiatives and development programs. A glimpse of technology use was evident in the election campaigns and we hope to see continuity of that in various governance programs such as healthcare, agriculture, manufacturing etc. To accomplish the goals set around growth & governance, given the complexities arising out of Diversity & population size, we can expect a Modi-fied India to adopt technology enabled processes. Having tasted the glorious success, it is but obvious to expect from the new PM & government certain Technology Industry promotion schemes that will give a solid identity to India.