TECH BYTES – Monthly Tech Industry Bulletin – JANUARY 2021
Blog: NASSCOM Official Blog
Welcome to the first NASSCOM TECHBytes of CY2021! We are all awakening to a better-than-imagined new year as several key indicators are beginning to appear on an upwardly revised scale ranging from less-negative to unexpectedly-positive. While India’s GDP will degrow lesser, by 7.7%, in FY2020-21 (compared to an earlier estimate exceeding -10% YoY), the digital transformation narrative has gotten significant push as the Tech industry reports growth in sequential digitalrevenue growth in 3Q21 at 11.3%*and share of digital in overall revenues at 46.9%*.
IMD launched its 2020 World Digital Competitiveness ranking. It is a great way to start 2021 with an assessment of how India has progressed even in times of extreme VUCA due to the COVID-19 pandemic.
Overall, India did slip 4 positions from its 44thrank in 2019, to close at 48 in 2020, in a list of 63 countries. India scored:
- 39thin Knowledge Readiness (talent, training & education, and scientific concentration)
- 50thin Technology Readiness (regulatory framework, invested capital, and technological framework), and
- 56thin Future Readiness (adaptive attitude, business agility, and IT integration), below the first-time ranking of 2016 that was 54.
Interestingly, the factors that went up in 2020, vis-à-vis, 2019, were on readiness of regulatory framework, technological framework, and IT integration capabilities
India’s easing of regulatory frameworks applied to Development and Application of Tech. has bettered and reflects in the growing number of technology start-ups, DeepTech start-ups in particular. Check our recent reportstart-ups to know more
Public-private partnerships is another area where India improved its ranking, and the potential to create joint digital transformation opportunities in the year ahead, are more promising with government becoming active in 2020.