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Cloud Computing Fueling India's Journey Towards a $5 Trillion Economy

Business Bytes

Business Bytes · 2y ago

Cloud Computing Fueling India's Journey Towards a $5 Trillion Economy

Cloud computing is playing a crucial role in India's pursuit of achieving a $5 trillion economy. It is driving digital acceleration and revolutionizing various sectors such as healthcare, education, skilling, and financial inclusion. Cloud-based solutions are enhancing patient care, democratizing access to education, addressing skill development, and extending financial services to underserved populations. Experts believe that the transformative impact of cloud computing is instrumental in India's economic ambitions and has the potential to unlock new opportunities and drive growth.

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NASSCOM Report: Micro-Startups boost India’s economy

Inshorts · 6m ago

NASSCOM Report: Micro-Startups boost India’s economy

India’s startup boom is being driven by micro-ventures, as revealed in the 2024 NASSCOM report. With under 10 employees and minimal capital, these businesses generated ₹50,000 crore in 2023. Solving hyper-local problems through tech and frugality, they reflect a shift toward lean innovation, reshaping India’s economy from the grassroots and fueling its $5 trillion ambition.

India’s human capital its biggest satya: Microsoft’s CEO Satya Nadella

Economic Times

Economic Times · 9m ago

India’s human capital its biggest satya: Microsoft’s CEO Satya Nadella

Microsoft Chairman Satya Nadella emphasizes the importance of tapping into India's human capital for competitiveness, highlighting India's potential in the AI revolution. Nadella discusses the impact of AI as the next platform shift and underscores the need for innovation amidst rising global competition, particularly from China. He mentions Microsoft's investments and partnerships in AI, addressing concerns around technology's impact on employment. Nadella envisions AI contributing significantly to India's economic growth and its journey toward a $5 trillion economy.

‘AI, quantum pivotal to India’s Mission 2047’: Report

Economic Times

Economic Times · 8m ago

‘AI, quantum pivotal to India’s Mission 2047’: Report

A Nasscom and Bain & Company report highlights that advancements in AI, quantum technology, and digital manufacturing are crucial for India to become a developed economy by 2047. Cloud computing and AI will enhance India's IT ecosystem, and developing tech capabilities will transform service delivery. Key sectors include services, electronics, energy, and chemicals. A focus on infrastructure, skill-building, and innovation can position India as a global technology leader, supporting sustainable economic growth and exceeding $23 trillion GDP by 2047.

'Well done India': Top economists laud 8.2% GDP growth in FY24

YourStory

YourStory · 1y ago

'Well done India': Top economists laud 8.2% GDP growth in FY24

India's GDP growth rate of 8.2% in FY24 received praise from leading economists, exceeding estimates and positioning India as the fastest-growing large economy. Manufacturing and mining sectors performed strongly, propelling India's economy to $3.5 trillion and setting the stage for the $5 trillion target in the coming years. Despite moderate growth in Q4 FY24, India's GDP growth rate outperformed expectations and reflected the country's economic resilience and buoyancy amidst global challenges. Experts anticipate that the growth momentum will continue in FY25, driven by manufacturing.

Rackspace Technology aims to double revenue growth in India as AI adoption increases

Economic Times

Economic Times · 1y ago

Rackspace Technology aims to double revenue growth in India as AI adoption increases

San Antonio-based cloud computing company, Rackspace Technology, is targeting a revenue growth of twice its current rate in India over the next two years. With the increasing adoption of artificial intelligence and the growing demand for private cloud services in the country, Rackspace plans to establish a new data center specifically for its private cloud offerings. India's booming startup ecosystem and the rise in AI adoption by businesses provide significant growth opportunities for the company. Rackspace aims to assist Indian customers in their digital transformation journey through cloud and AI solutions.

India to be third largest economy by 2028: Morgan Stanley

YourStory

YourStory · 7m ago

India to be third largest economy by 2028: Morgan Stanley

India is projected to become the third-largest global economy by 2028, according to Morgan Stanley. With a robust consumer market and macro stability, India's economy is expected to grow from $3.5 trillion in 2023 to $5.7 trillion by 2028. The country's share in world GDP could rise to 4.5% by 2029. Growth scenarios project the economy reaching between $6.6 trillion and $10.3 trillion by 2035, driven by domestic demand, policy support, and infrastructure improvements.

AI, online gaming can add up to $300 billion to India's GDP by 2026-27: Rajeev Chandrasekhar

Economic Times

Economic Times · 2y ago

AI, online gaming can add up to $300 billion to India's GDP by 2026-27: Rajeev Chandrasekhar

According to Union Minister Rajeev Chandrasekhar, the artificial intelligence (AI) and online gaming sectors have the potential to contribute up to $300 billion to India's GDP by 2026-27. The government plans to host a global summit called 'India AI-2023' on December 10 as part of its efforts to promote AI. Chandrasekhar also mentioned that the government aims to achieve a $1 trillion digital economy as part of the $5 trillion GDP target.

End of an Era Amazon's EC2-Classic Service Concludes After Nearly 17 Years

Business Bytes

Business Bytes · 2y ago

End of an Era Amazon's EC2-Classic Service Concludes After Nearly 17 Years

The retirement of EC2-Classic, Amazon Web Services' (AWS) initial infrastructure-as-a-service offering for cloud computing, marks a momentous milestone in AWS's cloud journey. The closure of the final EC2-Classic instance on August 15 signifies the end of nearly 17 years of this foundational service. It's important to note that Amazon's presence in the cloud computing sector goes beyond this event, as the company commands the largest share of Arm server CPUs worldwide.

Digital public infra could boost India's GDP to $8 trillion by 2030: Report

Livemint

Livemint · 1y ago

Digital public infra could boost India's GDP to $8 trillion by 2030: Report

Digital public infrastructure (DPI) has the potential to boost India's economy to $8 trillion by 2030, as per a report by Nasscom and Arthur D Little International. Mature and budding DPIs, which include digital networks like Aadhaar and UPI, could propel India towards its goal of becoming a $1 trillion digital economy. The report suggests that if successfully adopted, DPI could contribute between 2.9% and 4.2% of GDP by 2030, compared to 0.9% in 2022. The Ayushman Bharat Digital Mission and the Open Network for Digital Commerce are expected to drive the value increase. However, challenges like stakeholder connection and limited reach need to be addressed.

Investment MOUs worth Rs 16 lakh crore signed in Davos: Fadnavis

YourStory

YourStory · 9m ago

Investment MOUs worth Rs 16 lakh crore signed in Davos: Fadnavis

Maharashtra signed MoUs worth Rs 16 lakh crore at the World Economic Forum in Davos, aiming to boost its GDP to $1 trillion by 2030, as part of India's $5 trillion economy target. Chief Minister Devendra Fadnavis attributed this to investor confidence in policy continuity and Prime Minister Narendra Modi. Agreements span various sectors, with the state committed to ensuring these translate into real investments. Indian leaders emphasized collective growth for national progress.

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