Growth needs a great tech leap: 6 key facts

By: | Published: December 20, 2014 8:29 AM

Although India has made progress in bringing millions of people out of extreme poverty, 56% of the population still lack basics standard of living.

Although India has made progress in bringing millions of people out of extreme poverty, some 680 million Indians, or 56% of the population, still lack the basics of a minimum acceptable standard of living. That can be addressed by 12 empowering technologies that could contribute anywhere between $550 billion to $1 trillion of economic impact per year in India in 2025, says a study by McKinsey India.

1. 400 million poor rural Indians gain access to improved health services through remote health care and technology-enabled community health workers

2. 20 million SMEs could gain access to digital business tools in the cloud at a fraction of the cost of running in-house IT

3. 90 million farmers could raise their productivity with real-time market information and 22 million through precision farming

4. 10 million homes by 2025 using project-management systems and next-generation building technologies

5. 19 million to 29 million workers (5 to 8% of India’s non-farm labour force in 2025) would need new employment opportunities and skills training

5. 700-900 million Internet users by 2025

6. The 12 Empowering Technologies

* Mobile Internet
* Cloud technology
* Automation of knowledge work
* Digital payments
* Verifiable digital identity
* Internet of things
* Intelligent transportation & distribution
* Advanced geographic information system
* Next generation genomics (GM Crops)
* Advanced oil & gas exploration
* Renewable energy
* Advanced energy storage

(Source: McKinsey India)

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