What Is Slowing India Down In Becoming The Next Tech Hub
Aadhya Khatri - Mar 27, 2019, 9:36 am IST
India is not lacking talents, the problem is they are moving to other countries
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India is now booming with startups, but unfortunately, when it comes to technology, several obstacles stand in the way for the country to gain the pioneering spot.
India is lagging in infrastructure, but that is not the most pressing issue right now. Becoming the next tech hub of the world requires a lot more than what the country is having, which calls for the interference of the government to bridge the gaps.
Unfavorable Policies And Regulations
Indian policies are not exactly helping startups thrive
Despite all the effort to innovate from the private sector, Indian policies are seemingly hinder the development of the country. In a lot of cases, business owners have to bring their companies overseas in search of a more favorable environment. India is giving away its local talents to other countries as we speak.
India is a massive market for Amazon, and it has done well taking over this gold mine, whereas Flipkart was acquired by a foreign company, a sad scenario for Indian firms.
When asked about this matter, Pankit Desai, Sequretek’s Co-Founder and CEO, held the local regulation for the failure of Aadhaar, the company that played a vital role in innovating the whole fintech section. The main reason here was the privacy concern that the company was not able to overcome, hence the stall in its development.
Bridging the skill gap is essential
There is no doubt about the role of education in India, but for now, the skill gaps are still vast.
The way India is educating its citizens can be considered standard-centric. On the one hand, this method makes sure that a large number of people get the education they deserve, which is the quantity. On the other hand, there are doubts about the quality of Indian education system.
A report from Aspiring Minds shows that 80% of Indian engineers do not have the needed skills to meet the demands of the job market. When it comes to AI, data science, and machine learning, only 3% of the country’s workforce can satisfy the requirements.
It is not to say that India is hopeless in becoming a tech hub. The country’s achievements in every aspect of technology speak volumes about its potential.
Indian Talents Are Seeking Opportunities Overseas
India may have a large number of talents, but the problem is how to keep them in the country. This is precisely what Prithvi Singh, founder of Gameskraft, worried about. He said that India is not short of people with skills, but unfortunately, they are seeking development somewhere else in the world. They are the people who fuel technology advancements and what we have to do is to keep them in India.
Bad International Visibility
The Indian startup ecosystem is advancing, but it needs more resources to leap forward.
According to Vineet Budki, Guidoo’s CEO, investors are reluctant to put their money in an Indian company for the sheer reason of regulation. Since Singapore is more open on this, they feel safer to invest in Singaporean firms. For this reason, he had to bring his business to this island nation to better attract funding.
Infrastructure is exactly what needs to be focused on if India wants to create a more favorable environment for startups and improve its image in the global market. Another urgent issue is to switch our effort from service-centric approaches to product-centric ones. India can take pride in a wide array of good-quality merchandises, but we need to find a way to let the world knows that.
It is now the time to make products that can be appealing to the global market rather than focus mainly on the local one.