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-By Ayshwaria Lakshmi | IMAWS
The Indian general elections have commenced to elect the 543 members of the 18th Lok Sabha. These elections have the potential to significantly impact the technology sector through possible changes in regulatory policies, government contracts and funding, trade and international relations, investment and innovation, education and workforce development, cybersecurity and national security, as well as public perception and trust.
“India’s IT sector stands at the cusp of transformative changes. The industry’s ability to adapt to emerging technologies, navigate challenges, and capitalise on opportunities will determine its success in contributing to India’s economic development and global technological leadership. The coming years promise a dynamic and vibrant landscape for the IT sector, with anticipated legislative changes varying greatly depending on the political landscape, the priorities of the incoming administration or legislative body, and the prevailing public sentiment regarding technology-related issues,” said Mr Amit Saxena, Vice President IT & Digital automation in Millennium Semiconductors India .
The first major regulation the market hopes to see come into place is the Digital Personal Data Protection Act, of 2023, While this has been passed in parliament and ratified as law by the President of India in 2023, this act is still not operational. This legislation could result in a huge transformation in how data of Indians can be collected, processed and stored.
The second change that the market hopes for is in the Information Technology Act, of 2000. “This act would have to go through alterations to suit the current needs,” explains SP Arya, Director of Technology, Biztek Advisors . With new needs and newer technology emerging every day, I believe it would go through a few changes to suit the market demands. The technology usage within the Governments has also changed over the years. To adhere to the needs, the IT act has to go through alterations.”
According to Sourav Das, Chief Digital Officer and Head of Technology at Rupa and Co, feels, “We anticipate a transformative era driven by cutting-edge technologies. From AI and machine learning to 5G and edge computing, businesses will leverage these innovations to unlock new levels of efficiency and innovation.” The convergence of technologies like AR and blockchain will redefine industries, while cybersecurity remains paramount in safeguarding data and operations. Remote work will continue to reshape the workplace, demanding robust cloud infrastructure and collaboration tools. To thrive in this dynamic landscape, organizations must embrace digital transformation wholeheartedly, leveraging technology to stay agile, competitive, and deliver unparalleled value to their stakeholders.”
The market also expects regulation in the e-commerce tech space. These days E-commerce comes in-built with Artificial intelligence, and there comes a need to ensure that this space is regulated as well.
“The Indian consumer goods landscape is experiencing a remarkable surge, with new brands positioned for significant scaling. As these brands progress, robust technology enablement solutions will be critical to their success. Notably, tools that empower unit economics understanding & provide automation capability to institutionalise operational decision-making at an SKU level. We’re keenly observing the evolution of product discovery on ONDC, a channel with immense potential. However, establishing a standardised taxonomy and implementing paid product discoverability features remain key challenges that need to be addressed,” said Raja Chitharanjan, Co-founder of Forcesight, a platform that empowers SMBs onto e-commerce platforms.
Need for Regulations
A crucial factor for any technological adoption is the law of the land and its implementation. To illustrate the case in point, Artificial Intelligence adoption has seen a surge globally in recent years. AI has become an integral part of everyday lives. According to a report from Mondaq, a syndication platform, It is estimated that AI has the potential to add USD 957 billion, or 15 percent of the current gross value added to India’s economy in 2035. It is projected that the AI software market will reach USD 126 billion by 2025, up from USD 10.1 billion in 2018.
AI has been implemented across sectors in countries and is integrated into society. While there are challenges, there is a need to regulate AI to ensure misuse of the system and prevent risk related to it. In 2021, the EU to regulate AI proposed its first European Union regulatory framework for artificial intelligence. Along these lines, regulating technologies becomes an important task for governments. Legislation related to technology is riddled with challenges due to its fast-growing nature. But no technology can be barred from usage or can be allowed to be used without any regulations.
“It’s important for technology companies to stay informed about political developments and engage with policymakers to advocate for policies that support innovation, growth, and responsible use of technology. Overall, the future of technology holds immense potential to drive innovation, solve complex challenges, and improve the quality of life for people around the world. However, it’s essential to address ethical, societal, and environmental considerations to ensure that technological advancements are inclusive, responsible, and sustainable.” said Amit.
The technology adoptions likely to happen
Newer Technologies are booming around the world. With the ever-changing tech environment influenced by various factors such as research breakthroughs, regulatory changes, market demand and societal factors, it’s important to note that the actual trajectory of technological development may vary. However, a few technologies are likely to have faster and more constant growth such as Artificial Intelligence (AI) and Machine Learning (ML), the Internet of Things (IoT), and 5G Technology.
“We are in the midst of the AI revolution, So far, we are talking about these Large language models (LLM) modules, which are capable and have demonstrated their capabilities. But we haven’t seen widespread adoption across domain Enterprises. Of course, the IT domain entities, and service organisations have started pilots and adopting. But in companies like manufacturing domain companies are still trying to figure out what are the best use cases of these Technologies. So I would say in the next three to six months, these emerging processes adoption will grow,” said Atul Govil, CTO and Head of Technology, India Glycols.
Some other technologies that exist but are gaining momentum are Blockchain Technology, Quantum Computing, Augmented Reality (AR) and Virtual Reality (VR), and Cybersecurity. Blockchain has the potential to revolutionise industries by providing secure, transparent, and decentralised systems for transactions, data storage, and identity verification. Its adoption is expected to grow beyond cryptocurrency applications. While still in the early stages, quantum computing has the potential to solve complex problems that are currently intractable for classical computers. As research progresses, quantum computing may lead to breakthroughs in fields such as cryptography, materials science, and optimisation.
With Metaverse gaining traction, AR and VR technologies are evolving rapidly, with applications ranging from gaming and entertainment to education, training, and remote collaboration. As these technologies become more accessible and immersive, their adoption is likely to increase.
Cybersecurity, a crucial point in need
Finally, the fast-growing segment is cybersecurity. “Cyber security is at the top of the mind for any CEO and not just a CIO or technology leader. Dark web marketing will be a part of the whole thing because now you have to monitor what organisations’ information is available on the dark web, it could be a compromised password which is breached or some intellectual property, which is already on the dark web or any other sensitive information being sold or transacted between malicious actors. Organisations should have mechanisms to manage and mitigate those risks as they merge or as they become evident,” said Atul.
With the growing digitisation of society and the proliferation of connected devices, cybersecurity is becoming increasingly critical. Innovations in cybersecurity tools, techniques, and practices will be essential to protect against evolving threats. Solutions like Data Loss Prevention (DLP), Multi-factor authentication (MFA), Digitised Management, Encryption and Patching would be topics to be on the lookout for, according to the players. While cybersecurity protects data, there needs to be education done in society to ensure protect individuals against emerging threats against newer technologies.
“Technology development and research are considered changing at a very high pace. In the 90s, it was considered, five or six years as a cycle of technology, new technology. After 2000, it became around three to four years. And after 2010 it has been two years and now I’m seeing that technology change every year. These changes in technology should be matched with a change in educating individuals. Only educating, can help prevent more individuals from falling prey to scams and threats that emerge as new technologies come up,” said SP Ayra.
