ICC Technology, Innovation & Advancement sector

Technology has become the defining engine of our global economy, a transformative force touching every aspect of business, economics, geopolitics, lives and livelihoods. Whether it’s the way we work, trade, produce, or connect, technology isn’t merely an enabler—it's the core driver of competitiveness and survival. The numbers tell a powerful story: in FY 2024, India’s technology industry—including hardware—achieved an estimated revenue of USD 254 billion, adding over USD 9 billion from the previous year, marking a growth of 3.8%. Yet, these numbers are just the beginning. Behind them lies a sweeping truth: today, industries across the spectrum are either technology-enabled, or they are no longer relevant.

Technology isn't just transforming individual sectors; it’s driving the very structure of our global economic order. It's creating new opportunities and risks, redefining alliances, and even reshaping geopolitics. The competitive edge lies in the ability to innovate, to move faster, adapt better, and deliver more—all of which depend on leveraging technology effectively. If technology is the new electricity, then data is the new oil—powering every industry, fuelling growth, and lighting up the path to the future.

The feverish pace that India is embracing technology into all matters has it poised on the very cusp of digital transformation. The “India Stack” has been a game changer. UPI took India from a paper-currency driven market to one that's synonymous with digital payments.

India is thus emerging as one of the world’s top innovation hubs, due to the cumulative impact of the expansion of Digital Public Infrastructure covering payments, identity, and data management; development of engineering and research talent, and the emergence of a dynamic startup ecosystem, now one of the top three in the world. Globally, India is among the top countries in the field of space research and has positioned itself as one of the top five nations in the field of space exploration.

In an era of technology and artificial intelligence reshaping industries at an unprecedented pace, tech leadership has emerged as a critical success factor. The role of a tech leader is evolving from a purely technical focus to one that integrates technology strategy with business acumen. They are now expected to understand emerging technologies and harness them for strategic advantage, driving efficiency, growth, and exceptional customer experiences.

Some of the key imperatives trending in the technology sector are summarised below.

Technology Innovation as a strategic priority

Businesses are now actively investing in technology innovation to align their overall business strategy and objectives. Businesses are promoting expertise in emerging fields such as AI, and internet of things (IoT), which are revolutionising industries by enabling advanced data analysis, automation, predictive modelling, and optimisation.

Fostering a Culture of Innovation

Organisations are cultivating a culture of innovation that values and encourages innovation. They are fostering an environment where employees are empowered to generate and share ideas, experiment with new technologies, and embrace a mind-set of continuous learning and improvement. Developing talent and enhancing the talent pool in the new tech areas would be one of the key success factors for the technology sector.

Data protection risks and cybersecurity

As data increasingly drives decisions it is giving rise to new opportunities but risks as well. Businesses are assessing and managing risks associated with technology innovation initiatives. Potential challenges being identified are technological feasibility, regulatory compliance, market acceptance, and cybersecurity risks. The Government is also actively working on creating favourable regulations. The recent Digital Personal Data Protection Bill shows the commitment of the Government to safeguarding personal data in the digital realm while respecting individual rights.

Focus on electronic manufacturing, IT hardware and semiconductors

Due to the shift in global supply chains, from cost-driven globalisation to control-driven reshoring India has witnessed significant interest from global companies in electronics manufacturing. Traction is also being witnessed in India’s semiconductor market, mainly due to the global supply chain crisis and rising demand from the consumer electronics, telecom, IT hardware and industrial sectors, both within the domestic and export markets.

The Role of Government Policy Environment

The Indian government’s current approach to tech policy has been characterized by ambitious initiatives to foster an open, trustworthy, and secure internet. A favourable regulatory environment, coupled with strategic government initiatives such as Digital India, Make in India, and Production Linked Incentive (PLI) schemes, has paved the way for unprecedented growth.