Millions of Indians hope for a better future, with well-paying jobs and a decent standard of living. To meet these aspirations, the country needs broad-based economic growth and more effective public services. Technology can play an important role in enabling the growth India needs. The spread of digital technologies, as well as advances in energy and genomics, can raise the productivity of business and agriculture, redefine how services such as healthcare and education are delivered, and contribute to higher living standards for millions of Indians by raising education levels and improving healthcare outcomes.
Empowering technologies in India
McKinsey’s Noshir Kaka and Anu Madgavkar discuss how India could transform its economy by employing 12 technologies.
A dozen empowering technologies
A new McKinsey Global Institute (MGI) report identifies a dozen technologies, ranging from the mobile Internet to cloud computing to advanced genomics, which could have a combined economic impact of $550 billion to $1 trillion a year in 2025. The selection of the 12 technologies for India was based on a similar process established by MGI’s earlier work on disruptive technologies.1 For India, we used additional criteria to identify the technologies that would have a direct impact on the country’s economic and social challenges in the coming decade. As a result, we include technologies such as electronic payments, which are well established in other parts of the world but not well developed in India. By 2025, however, electronic payments could help 300 million Indians join the country’s financial system.
We group the 12 technologies into three areas: digitizing life and work, smart physical systems, and energy technologies:
digitizing life and work—the mobile Internet, the cloud, the automation of knowledge work, digital payments, and verifiable digital identity
smart physical systems—the Internet of Things, intelligent transportation and distribution systems, advanced geographic information systems (GIS), and next-generation genomics
energy—unconventional oil and gas (horizontal drilling and hydraulic fracturing), renewable energy, and advanced energy storage
Each of these technologies has the potential for rapid adoption in India between now and 2025 (exhibit) …
via India’s tech opportunity: Transforming work, empowering people | McKinsey & Company.
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