India requires a new technology-driven playbook to fulfil its Viksit Bharat goal

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India has been on a remarkable trajectory of economic and technological growth. With a young and vibrant population, a robust tech ecosystem driving innovation and a rapidly evolving digital landscape, India has become a formidable force in the burgeoning digital economy.

Over the past decade, India’s total stock market capitalization has surged from $1.9 trillion to $5 trillion, and the country has positioned itself as an inevitable partner for global businesses and governments seeking resilient supply chains in an era of geopolitical changes and volatility. However, achieving the ambitious vision of transforming India into a $40 trillion economy by 2047 requires a new playbook.

Sustaining an 8% annual growth rate is essential to becoming a developed nation—a challenging but attainable goal that requires meticulous planning, appropriate investments, effective risk mitigation and a clear strategy on growth acceleration driven by technology. Further, rapid advancements in frontier tech like artificial intelligence (AI) present India with an unprecedented opportunity to unlock its potential for accelerated growth.

The stage is set for India to reimagine its ambitions and globally become the gold standard for leveraging technology to achieve economic development. Here are three critical priorities to realize this vision: Significant investment in research and development (R&D) as well as intellectual property (IP): India’s global reputation in technology services is well established, yet the country struggles with perceptions of inadequate investment in R&D and IP.