Today India is widely recognised as a knowledge hub powering the global economy. The young Indian talent base working across the world is an integral advantage compared to many economies. Factors like a vibrant ecosystem, entrepreneurial mindset, strong R&D capabilities and social innovations are playing a critical role in reinforcing India's position as the knowledge hub.
With the second largest pool of scientists and engineers working across the world, 400+ universities, 1.2 million engineering graduates and 300+ national laboratories, India has the education system that nurtures talent to power the knowledge revolution. The global leadership attained in the field of IT is a testimony of talent excellence. The Indian IT sector alone has contributed in a saving of over US$ 200 billion for global clients over the last five years and more than 70 per cent global clients have benefitted from solutions designed in India. India has been ranked first in the recently released A.T. Kearney Global Services Location Index. "India remains the preeminent destination for offshore services, with excellence in IT, BPO, and voice services. The undisputed leader in the field for the past decade, India is still unrivalled in both scale and skills, and it is increasing its advantage over second-place China," says the survey.
The entrepreneurial mindset of the Indian population makes the country the fastest growing and third largest start-up ecosystem in the world. The advent of e-commerce and modern technologies has led to over 4000 active technology startups, 400 VCs, 2,500 angel investors and 150 startup incubators. It is estimated that India will have around 114 million one person enterprises by 2020. Technology products and digital startups are expected to quadruple to 11,500 by 2020 from the present 3,100.
India has been widely recognised as the global R&D hub. Home to over 1,000 MNC R&D centres, India is the third preferred centre for innovation after Silicon Valley and other US cities. Multinationals like Cisco, BMW, GE, Honda, Panasonic, Microsoft, Honeywell, IBM et al are already engaged in their Indian R&D operations and over half of Fortune 500 companies are expected to open R&D centres in India by 2015.
Achievements in the area of space sciences, telemedicine and tele-education are playing an important role in the overall development of the nation. As recently explained by Mr Narendra Modi, Prime Minister of India, "India's space programme is driven by a vision of service to humanity, not by a desire of power." Achievements like the successful launch of the Mars Orbiter Mission (Mangalyaan) and the more recent GSLV Mk-III X, India's biggest ever rocket, speak volumes of the scientific prowess of the country.
Equally innovations in India continue to offer models for inclusive growth whilst at the same time addressing complex global challenges. The strategic matrix of a vibrant ecosystem, R&D and innovations powered by talent positions India as the global knowledge hub.