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India is at an “inflection point” in technological innovation and it is now poised towards the next phase of growth, experts said at a panel discussion at the India Global Innovation Connect in Bengaluru on Thursday.
During the Covid-19 pandemic, when geographical barriers diminished, talent globalisation was immense and many technology jobs moved to places like India, said Avinash Vashistha, chairman and chief executive officer (CEO), Tholons, a management consultancy firm.
In 2023, when the artificial intelligence (AI) wave gained prominence, many jobs turned redundant and people and companies were forced to innovate, Vashistha said.
While India has strong human capital, it must increase its funding in startups and research and development (R&D) to move to the next phase of growth, said TV Mohandas Pai, former Infosys board member and chairman Aarin Capital India.
For many of the innovations happening out of India, patents are being filed in the US as Indians don’t have a culture of filing patents, Pai said. “Indians should file more patents.”
Experts at the panel discussion agreed that India is emerging as one of the world’s top innovation hubs, due to the cumulative impact of the expansion of Digital Public Infrastructure covering payments, identity, and data management; development of engineering and research talent; and the emergence of a dynamic startup ecosystem, now one of the top three in the world.