Submitted By:

Pankaj Agrawal
Stu.ID- 18020348

Role of Indian Technology in achieving 5 trillion Economy

(1) Spending on infrastructure development: introduction of one nation one grid for
cheap power ,Proposition to have water and gas grid for railways, increased budget for
FDI in the sector of aviation ,media, animation AVGC and insurance sector with mutual
consent of stakeholders will help in reaching the 5 trillion economy between 2018 to
2030.
(2) Incentivising in the next-Gen technologies: Encouraging foreign investors as well as
local automobile manufacturers to directs toward making of Electric vehicles that will
drive the demand, increase in capacity, productivity of labours and generation of new
jobs, collaboration of all these will help in building Indian economy to 5 trillion.
(3) Spending on Research and Development: India’s current spending in R&D is
0.35%,to achieve 5 trillion economy Indian government should think of investing more
and more on research and development programs, in a statement by Government of
India, India will focus on spending 2% of its GDP in research and development
program. Government of India should encourage private industries to increase their
spending on R&D by providing fund support to them.
(4) Implication of Industry 4.0- As world is moving towards industry 4.0 which includes
Artificial intelligence, data science, big data analytics. Cloud computing. Robust
robotics, internet of things (IoT),3D printing so India should focus on investing in these
advance technologies and should run training ad development programs to make human
worker capable of adapting these advance technologies.
(5) Role of Agriculture sector: As we know that India’s agriculture sector plays a
significant role in Indian economy which is larger than world average of 6.4%,so
technological advancement in the field of Agriculture may be panacea to achieve 5
trillion economy like with the application of Industry 4.0 farmers should be able to
know the real time data about the disease of the crops and remedies in their hand held
devices, should be able to forecast the life of their crops and change in weather
conditions.
(6) Enhancing the networking equipment and carrier in India: As BSNL has already
signed an MoU with Nokia solutions to establish the 5G network in India by 2020 so
other private giants Reliance,Airtel should take strategic move to buy 5G network
which is the foremost priority before implementing I4.0 because I4.0 is all about
transaction of data over a high speed network so as soon India launches 5G services
,Applicability to I4.0 will start from there only.
(7) Industries that are already using Next-Ge Technologies- Boing is already using IoT
for health monitoring of its engines to prevent any breakdown thus reducing the failure
time.AI solution which is the patent of MIT is being used by the healthcare industries
to detect the cancer in its early stage. AT&T in USA started using robotics drone for
inspecting the site. BMW is using augmented reality to ensure the safety of its drivers
by monitoring the real time traffic.
(8) Higher percentage of unorganised MSMEs in India may play a vital role to achieve 5
trillion economy if government start focusing and funding on MSMEs