Indian Economy News

Govt to start centres of excellence in Internet of Things push

New Delhi: The government is looking to set up a network of centres of excellence to give a push to the Internet of Things (IoT) over the next five years. The initiative got a boost on Tuesday with the cabinet deciding to extend capital subsidy to 15 new electronics products.

Starting with Bengaluru this year, information technology industry body Nasscom, the implementing agency for the project, will establish six centres which will allow entrepreneurs and start-ups to use the tools and platforms for developing, testing and verifying connected devices and products.

IoT is a network of “things” that include identifiable devices, appliances, equipment, machinery of all forms and sizes with the intelligence to seamlessly connect, communicate and control or manage each other to perform a set of tasks with minimum intervention.

“Our aim is to make India a hub for Internet of Things,” said K.S. Viswanathan, vice-president, Industry Initiatives, who is in charge of the initiative at Nasscom. “The Internet of Things market is expected to reach $300 billion by 2025 and India’s aim is to grab 20% of it. By 2020, there are going to be 50 billion IoT devices on the planet, with India having a fair share. India will be among the largest consumers of IoT devices,” he said.

According to the current estimate by Department of Electronics and Information Technology , the IoT industry in India is expected to be a $15 billion market by 2020. It is expected that India will have a 5-6% share of the global IoT industry by then.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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