India, China to pip US as global hubs of tech innovation by 2035, says survey; check other key findings

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July 25, 2019 5:39 PM

India and China are expected to surpass the US as the global centers of tech innovation by 2035 as balance of power shifts towards new economies, a global survey said.

Also, militaries of India and China have exchanged high-level visits and pushed for a hotline for border defence cooperation, and mechanisms for border management and border defence exchanges (Representational Image)The business professionals from emerging nations are more optimistic as against the developed economies in terms of chang.

India and China are expected to surpass the US as the global centers of tech innovation by 2035 as balance of power shifts towards new economies, a global survey said. The business professionals from emerging nations are more optimistic as against the developed economies in terms of change and keep higher hopes on the role that technology may play in the economy and business going ahead, said Bloomberg New Economy Forum survey released Thursday.

Even though the respondents in South Africa, Egypt and Saudi Arabia were highly optimistic, the Chinese respondents were more conservative about the prospect of China and India surpassing the US in technology. “Developing countries in general see technology more as an opportunity while the developed world has a greater sense of technology as a threat”, Andrew Browne, editorial director of the Bloomberg New Economy Forum. Just over one-third of the respondents said that Beijing will be the world’s top tech city by 2035.

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Key findings

More than half of the respondents also said that both nations will dominate the future automobile market as well. The other major observations in the survey include that there is strong global consensus that if there is another world war, then it is likely to be a cyber war. Despite fears that AI will destroy manual jobs, a majority around the world say lifelong learning can mitigate the threat is the other major finding.

“What’s palpable on the streets of Beijing and New Delhi is also evident in the results of the survey – professionals in the new economies are clear sighted on the shift in the center of global economic gravity. As they move to seize the opportunities represented by new markets and new technologies, the flow of talent and capital will accelerate the new economies’ rise”, Tom Orlik, Bloomberg’s Chief Economist said.

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