As doom and gloom sweeps across economic forecasts in the West, there are a number of countries looking to buck this trend on a wider global scale. While India has long been touted as a country to watch, over the last few years, it has emerged as one of the standouts of the widely discussed BRICS group. India’s economic rise and impressive projected growth are down to a number of components, but it’s their pivot toward becoming a tech superpower that has most economists intrigued.
Components turning India into an economic powerhouse
India’s growing population is pushing its economic output a lot closer to countries that were previously so far out of reach. Many technology companies now have operations in India, and global conglomerates such as Tata have a multi-faceted investment approach.
Although the main focus of their business is in IT, they invest in a multitude of other areas, including pension funds in the UK. They also have a firm grip on steel production and are making solid advances in AI. There is a huge number of Indians who have now entered the labour market, and there is a surge in those in the smaller cities going to work for larger companies like Tata.
The Indian economy is benefiting in a similar manner to the Chinese economy at the beginning of this century. Not only is there a growing demand for Indian-based technology companies, but there’s a workforce ready to fill these vacancies and help India become a global leader in the field.
In 2022, the Indian technology sector recorded a 15.7% rise in profit – to reach in excess of 220 billion US dollars.
There’s also been a surge in the number of Indians living and working abroad. These people are earning more money relative to the wages in India and send their money back home to their relatives, which is helping to drive up living standards, help people afford the latest technologies and improve education.
Blockchain, crypto and AI
Some of the most promising cryptocurrency and blockchain companies are based in India, and considering that blockchain and cryptocurrency are two hot topics in the tech industry, it’s yet another field where India is nicely positioned. Some of the top global traders in Asia are in India, and their salaries are fast becoming the most attractive on the continent.
While Hong Kong is still the number one destination for the top traders in Asia, the rapidly rising quality of life for those in India who have the cash to do it has meant that, relatively speaking, it has become a more attractive proposition. Indian Web3 companies also have big plans to become global market leaders, so it’s an exciting time for many tech giants in the country.
Cryptocurrency and blockchain will revolutionise the world of finance, and with AI also playing an integral role, acting as an engine behind global tech growth, you could make a strong argument that no other country will benefit from it or see as much growth over the next decade as India likely will.
Casino gaming In India
By leaning into growing global trends instead of shying away from them, India is slowly positioning itself as one of the most prominent and exciting growing economies anywhere in the world. The rise of digital casino gaming is something that’s been ongoing for the last 20 years. Given that India is the world’s most populated country and has the potential to be the world’s largest iGaming base, casino companies have wasted no time in establishing a digital presence.
Free online casino games have been the ticket for many platforms to grow their user base – not only do they provide insight into what they have in store for potential new customers, but they also give people the opportunity to explore the growing scope of games that is available. It’s not just traditional casino games that are bringing in so many new customers, either; a range of niche games is attracting attention as well. A review of Aviator by Casino.in highlights the growing trend of niche casino games that deviate from the more conventional table-based games, which are often the first thing that spring to mind.
Conclusion
India’s tech revolution is part of a wider juggernaut of growth – and it’s not too heavily focused on one area of tech. By incorporating so many different elements and encouraging companies to innovate rather than stifle them with regulation, as we’ve seen in some other countries, India is in a prime position to grow into one of the most powerful tech-based economies over the next few decades.
