The Indian economy has grown in a way that technology has helped it do. Technology has helped improve productivity and efficiency in the agricultural sector or manufacturing.
Technology has also led to growth in the technology industry. This is where international investors are flocking to India. These companies are investing in the latest technologies that many users haven’t adopted.
Fintech
As India leads the world in Fintech adoption, the country’s financial technology industry is expected to see unprecedented growth in the years to come. Leveraging emerging technologies such as AI, machine learning, and cloud computing, Indian Fintech firms are disrupting traditional financial services.
Increasing collaboration between traditional financial institutions and fintech start-ups in the form of supplementary offerings (integration and co-creation), partnerships/distributions, acquisitions, incubation, and investment will remain key drivers. Major economic interventions such as demonetization and promotion of digital payments through the Digital India initiative are also contributing to the sector’s growth.
The rise of neo-bank partnerships driving hyper-personalized financial products, AI-driven efficiency in digital lending services, and wealth tech for everyone will propel Indian fintech innovation into 2023. However, regulatory coherence is required to mitigate risks and ensure a strong foundation for the industry’s future.
OTT Media
OTT (over-the-top) media is changing the way Indians consume entertainment. Affordable data plans and smart devices have fueled this.
It’s also made it easier for new content creators to find their audience. They can target people who share their interests in sports, fitness, or anything else.
As India continues to expand its internet user base, international investors are flocking to the country. These include tech-heavy giants such as Facebook, and Google infusing millions into Reliance Industries-led ventures, to first-time investors such as Joyance Partners betting on Oga Fit.
There are a significant number of global OTT entertainment companies operating in India. Big names like Netflix, Amazon, Prime Video and Zee5 are just a few. Indians enjoy streaming online movies, series, documentaries, and other shows. Online lotteries and gaming sites that operate digitally are included in the OTT industry sector. Indians can buy lottery tickets online and enjoy their favorite games and sports with any of their digital devices.
Education
India’s education sector has grown exponentially over the past few decades. However, it still faces many challenges in expanding access to quality higher education and ensuring the availability of trained faculty. With technology, adults can further their education and go into fields that may have been unavailable to some people in the country.
The country’s tertiary gross enrollment ratio (GER) stands at 29%, far below the global average of 36% and the United States’ 88%. The government wants to improve this by increasing funding, enhancing quality, and improving the overall educational experience.
Among the solutions to these challenges is distance learning, which is becoming more popular in India. This could be a good market that offers adult online courses, test prep, re-skilling, and MOOCs.
Employment
South Asia has invested heavily to reduce poverty and create jobs, and many new jobs of high-quality. This development calls for a more holistic approach to boost job growth, which will continue to raise the standards of new jobs, and promote shared prosperity.
The relationship between growth and employment generation in India is getting stronger. This is because of a decline in employment output elasticity and a strong tendency towards informalisation within the organized sector.
However, the Indian economy is still characterized by a mismatch between high-growth and high labor absorption sectors and severe constraints on the supply side of the labor market.
Entertainment online
Online entertainment platforms have become extremely popular in India. They offer various options, including movies, television shows, and gaming.
The popularity of these services has primarily been driven by their convenience. For example, you can watch a movie on Netflix or Amazon Prime Video within seconds.
Furthermore, these platforms also know their audience very well and recommend the best content based on their age and interests. For example, if you are interested in sci-fi, they will suggest content that focuses on this genre.
As a result, OTT content has grown by 150 percent + CAGR in India over the last few years. This is due to increased content spending, pricing innovations, and the rise of alternate formats, such as short-form videos.
Conclusion
It is common knowledge that India is at the center of a significant technological boom. In every technology sector, India holds high-ranking positions. This creates opportunities not only in the business arena but also in the lives of the people there. Never before has there been such an advancement in the country. As India thrives in the field of technology, industry leaders are watching. It is safe to say India is on the rise, and there is no indication that it will stop soon. If you are looking for a place to invest, be sure India is on your list.