REPORT ON PRODUCT OPPORTUNITIES DRIVING A USD 10 TRILLION ECONOMY2 years ago Ravi Korukonda
India is poised to become a USD 10 Trillion dollar economy by 2030, with over USD 1 trillion of that generated through new age digital products. This is a key component of the report titled “ Product opportunities driving a USD 10 TRILLION ECONOMY” produced by NASSCOM and [x]cube LABS.
This report launched today by NASSCOM chairman Mr. Rishad Premji, at the Nasscom Product Conclave in Bangalore compares the historical arc of India’s growth with other well developed regional economies and brings out facts that indicate India has a rich history of leadership in “deep tech” and products. It proposes the “INSIS” framework for robust economic growth and postulates that the growth is dependant on the virtuous cycle of inter-dependant drivers like Innovation, No Friction, Infrastructure, Specialization and Skill development.
The report explores the challenges and opportunities in several verticals including s agriculture, retail, logistics, banking & financial services , Insurance etc, and identifies several opportunities for creating many unicorns in each of these verticals .
Some of the sample opportunities that have the potential to create many unicorns include:
- Banking: Providing credit for India’s next 1 billion
- Agriculture: New models for financing and risk management of agriculture
- Healthcare: Technology driven low cost primary health centers
- Logistics: Digital players aggregating supply chain for specific verticals
- Education: Vernacular, vocational training on cloud
- Entertainment: crowdsourced short video entertainment for the next billion
Also, an emerging trend is not to use software primarily as an enabler for the business, but to create the business itself on the back of technology. What has been phrased as the “The Digital native enterprise”. n Digital native enterprises are expected to be the leaders in most verticals, and India can leverage on its software strengths and emerge as a global powerhouse here.
The report discusses the tremendous growth in smartphones and access to internet in recent times, and discusses the various opportunities available to energize, empower and improve the hitherto digitally disenfranchised. , thus creating billions in value.
The report also covers the strong possibility of India emerging as a global SAAS capital , driven by its large base of skilled talent, innovative go to market models, cost efficiencies that allow it to target hitherto untapped markets and create vertical marketplaces.
The opportunity for the next decade is to facilitate the creation of more digital native businesses in traditional verticals, that allow these firms, to expand globally , solve a lot of our current infrastructure issues, and also devote attention to gaining strengths in deep tech areas and implementing strong data protection laws.
Speaking about the launch of the report, Sangeeta Gupta , SVP & Strategy of NASSCOM said “ “A 10 trillion dollar Indian economy is envisaged by 2030, of which a trillion dollars should come from new-age digital products alone which will pitchfork the nation to a whole new orbit. Opportunities and challenges alike in the areas of Agriculture, Retail, Logistics, Banking & Financial Services and Insurance among others are being addressed to bring in disruptive change. Equally, on a very strong footing is the avowed “Solve for India” approach. Importantly, it is being adopted at a very fast clip to touch a million lives more meaningfully”
Bharath Lingam CEO of [x]cube LABS, mentioned that it’s been an exhaustive exercise to comb through data across multiple industry verticals, and analyze trends, uncover whitespaces and make projections. “We’re excited that we’ve uncovered over 100 white spaces in the report, that can potentially allow one and more unicorns, and that’s fascinating for India’s growth story.
This report is publicly available and can be downloaded at Download PDF