Indian innovations in the technology space have opened up the employment landscape. Industry body Nasscom’s July 2018 report stated that around 1.4 lakh jobs were currently vacant in AI and Big Data analytics segment. The association also predicts the number to rise to 2.3 lakh by 2021.
Technology has also increased financial inclusion. EY’s FinTech Adoption Index indicated that 52% of the digitally active in India are fintech users. The ease-of-use of technology-backed payment banks and mobile wallets has attracted both urban and rural Indians. A strong presence of global R&D companies, a large base of science and engineering graduates, innovative startups and an increase in the scale of the domestic market has propelled India to the 57th position in the innovative index.
The rise in innovation is also one of the many reasons behind India’s 77th spot in the World Bank’s ease-of-doing-business global rankings and 58th spot on the World Economic Forum’s global competitiveness index for 2018.