CIOInsider India Magazine

India revolutionized transactional processes with the introduction of the Unified Payments Interface (UPI) in 2016. Originally a domestic endeavor to modernize financial transactions, UPI soon became a blueprint for efficient, instantaneous payments worldwide. The triumph of UPI has propelled India to the forefront of digital payment innovation. The significant advancement in the fintech industry in India demonstrates the country's impressive progress in technology and innovation, driving it towards exceptional growth.

India's innovations, ranging from space exploration to AI-based agriculture, are not only transforming lives domestically but are also gaining recognition on a global scale. On the occasion of Republic Day 2026, India's technological achievements serve as a reminder of the power of technology in uplifting a nation, opening doors for development, improving effectiveness, and promoting international cooperation.

Crucial Role of Semiconductors in Emerging Technologies
With the increasing adoption of emerging technologies such as AI, IoT, and 5G, there is anticipation for a significant rise in the need for semiconductors. India’s success in the modern age heavily relies on the semiconductor sector. It is imperative for India to work on both luring international semiconductor leaders and nurturing domestic companies with global competitiveness. By strategically investing in resources, promoting talent, and forming robust partnerships with global entities, India has the potential to strengthen its foothold in the worldwide semiconductor industry.

India has a special advantage that sets it apart from other countries: a huge population producing massive amounts of data daily, which can be utilized for innovation and groundbreaking economic prospects. India has the potential to take the lead in establishing worldwide guidelines for managing data and establish itself as a prominent figure in the international conversation on data ethics and governance, as well as an advocate for fair sharing of benefits. The initiation of the Personal Data Protection Bill and a system for regulating data governance are crucial moves in this direction.

India's Startup Surge: A Decade of Growth and Innovation
India has seen a significant transformation in its startup ecosystem over the last 10 years. The number of startups has risen from 350 in 2014 to more than 1.39 lakh as of May 2024. The growth has been fueled by substantial investments, especially in advanced industries like space exploration and Web 3.0. The space sector alone attracted over Rs.1,000 crore in investments between April and December 2023. In 2024, India's tech industry garnered $11.3 billion from investors, showing a modest increase of six percent from the previous year's total of $10.7 billion. The country is now home to over 110 unicorns, with startups showing progress in various sectors including space technology.

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Additionally, in the past five years, there has been a subtle change in the Indian startup scene, with more companies focusing on developing innovative technologies such as semiconductor devices, drones, medical devices, and synthetic biology platforms. Innovation is being showcased by emerging companies such as Dozee, ideaForge, and Fermbox Bio. Agnikul and GalaxEye are advancing India's capabilities in space technology, while Agnit Semiconductors is pioneering unique semiconductor devices.

This increase highlights the nation's increasing strength in the field of research and development, particularly in areas such as space exploration, artificial intelligence, and deep technology. The government of India, in collaboration with private research facilities, startup incubators, and accelerators, has established a solid support system to promote the development of entrepreneurs in the fields of science and technology. Entrepreneurs in India are now more dedicated to finding creative ways to tackle important social issues in areas such as healthcare, education, and environmental preservation.

From Lab to Market: India’s Academic Excellence Fuels Cutting-Edge Startups
India's academic and research institutions are now deeply connected to global ecosystems focused on cutting-edge technology. Prestigious institutes like the IITs, IISc, IISERs, as well as private universities and R&D centers, have experienced a significant surge in intellectual property filings, collaborations for technology transfer, and the emergence of new startups. The founders driving India's deep tech companies today are often PhDs with experience conducting research on a global scale, especially those from the diaspora who have returned with a desire to create purposeful innovations. This shift in talent is opening up new avenues for inventive thinking.

Startups such as Agnit Semi, ePlane, and Planys are being led by individuals who possess a deep understanding of both international scientific advancements and the unique challenges faced in India. The academic innovation pipeline in India is now generating high-quality results that are internationally recognized. Year after year, there has been a steady increase in patent filings in key areas such as artificial intelligence, robotics, and semiconductor technology. The cycle of innovation moving from the lab to the market, a process that has historically lacked support in India, is now gaining momentum.

Public Markets Embrace Cutting-Edge Technologies
There is a trend of public market pathways becoming more accessible. The success of ideaForge's 2023 IPO demonstrated that India's public markets are capable of valuing cutting-edge technologies with solid underlying principles. Factors such as defense-ready products, strong order backlog, and transparency in government procurement cycles were driving forces behind the appeal for public investors. As a result, opportunities are now arising for other companies like Raphe mPhibr, Aereo, and various drone technology competitors to pursue public listings.

Additionally, Aether, Ola, Exponent Energy, Yulu, and other electric vehicle companies are expanding their reach through IPOs, which are already setting benchmarks for the emerging sector. SEBI has loosened listing regulations for technology-centric firms and introduced initiatives like sandboxes for testing algorithmic models and regulatory programs. These changes have the potential to narrow the current funding gap between small-scale innovation and commercial expansion.

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Governance & Global Leadership
In the past 10 years, the government has made significant strides in promoting widespread development and effective governance, leading to a rapid reduction in multidimensional poverty and successful implementation of schemes and services for billions of individuals. India's leadership in the G20 also showcased its inclusive strategies and dedication to a system based on rules that values sovereignty, equality, and mutual respect. A major milestone during India's presidency was the historic addition of the African Union as a permanent member of the G20, highlighting India's commitment to global cooperation.

India supports the idea of technology acting as a bridge instead of a barrier in the future, which aligns with our goal of using technological advancements to benefit industries, economies, and societies in a fair and human-centered way. India's example offers a blueprint for global use of technology to drive societal advancement and protect the planet. The World Economic Forum is honored to collaborate with the Indian government to bring this vision to fruition and promote our joint development and prosperity in the era of intelligence.