Here's why Adar Poonawalla thinks India's 2029 journey will be marked by a balance between ambition and pragmatism

As we step into 2024, India envisions a future where it stands as a global leader on critical issues such as climate change, artificial intelligence (AI), manufacturing, and space exploration by 2029. The nation is not only striving to become the world’s third-largest economy but is doing so with a focus on sustainable progress and responsible global citizenship.

The transformative journey is anchored in robust government policies that prioritise education, health, and infrastructure. Beyond the pursuit of economic supremacy, India’s vision extends to fostering harmonious global co-existence and making active contributions to addressing pressing global challenges. This commitment is reflected in a conscientious approach to policymaking, propelling economic growth while elevating the well-being of its citizens.

Crafting tomorrow is not just about economic gains but also about setting a standard for responsible global leadership. This involves strategic investments and a relentless commitment to technological innovation. So, how do we craft that tomorrow today?

The Green Frontier

This represents India’s ambitious leap towards sustainable development, positioning it at the forefront of the global movement to combat climate change. Prime Minister Narendra Modi’s visionary initiatives have charted a course for India that extends beyond conventional economic paradigms.

The nation has set a bold target to achieve net-zero emissions by 2070. By 2030, it aims to generate 50% of its electricity from renewable sources, increase non-fossil fuel energy capacity to 500 GW, and reduce carbon intensity to less than 45%. At the heart of this lies an innovative economic development model strategically designed to steer away from carbon-intensive practices. This model not only underscores India’s dedication to mitigating climate change but also serves as a potential blueprint for other developing economies seeking a sustainable growth trajectory. The emphasis on solar and wind energy, coupled with a focus on renewable batteries and green hydrogen technologies, positions India to tap into an $80-billion market by 2030. Actively participating in global climate action, we are leading initiatives such as Mission Innovation and the International Solar Alliance. India’s commitment extends beyond rhetoric, with the establishment of a carbon market and policy measures like the Energy Conservation (Amendment) Bill.

With ambition, innovation, and collaboration, India stands at the forefront, driving a global shift towards a more sustainable and resilient future.

The Tech Frontier

In charting the technological trajectory for India in 2029, we must embrace Generative AI to propel economic growth and societal progress. The emphasis lies on critical sectors like healthcare, agriculture, education, and mobility and underscores our ambition to deploy AI solutions tailored to the distinctive needs of our 1.4 billion citizens. The two-tiered research structure, comprising Centres of Research Excellence (CORE) and International Centres for Transformational AI (ICTAI), aims to position India as a global AI innovator. Simultaneously, our commitment to workforce skilling and reskilling ensures that our labour force remains adept in the face of AI-driven transformations.

The endorsement of a marketplace model, exemplified by the National AI Marketplace (NAIM), reflects our pursuit of an ecosystem that accelerates collaboration, innovation, and the practical deployment of AI solutions. Additionally, our commitment to ethical and responsible AI development is complemented by the establishment of the Centre for Studies on Technological Sustainability (CSTS).

Vision 2029 positions India not merely as a participant but as an architect in the evolving tech frontier. Through shaping the global technological landscape, we aim to contribute to the greater good, societal advancement, and sustained competitiveness.

Manufacturing Hub

India stands at a pivotal juncture to establish itself as the global manufacturing hub amid the shifting dynamics of global supply chains away from China. The Make in India initiative, aimed at drawing global manufacturers, has successfully positioned the country as a leading smartphone manufacturer. From 2014 to 2022, India shipped 2 billion domestically assembled smartphones, per Counterpoint Research, with 98% produced domestically in 2022, and 16% exported.

Supporting manufacturing, the production-linked incentive (PLI) scheme, particularly effective in the smartphone sector, is anticipated to drive exports beyond Rs 1.2 lakh crore in the current fiscal. Infrastructure development is a priority, with substantial investments enhancing roads and transportation.

The National Single Window System streamlines processes for foreign traders, facilitating business in India. The nation is intensifying its focus on research and development (R&D), emphasising the necessity for increased government-industry partnerships to spur innovation. Taking a protectionist approach, India raised import duties on laptops to incentivise foreign manufacturers to invest in local production.

India’s focussed policies and investments position it as a rising global manufacturing hub, reshaping the dynamics of worldwide supply chains.

The Space Frontier

India’s space sector is rapidly evolving, marked by the success of Chandrayaan-3 and the growing role of private entities. Initiatives such as IN-SPACe and regulatory relaxations are fostering a favourable environment for private sector participation. With an ambitious goal of reaching $12.8 billion in the global space market by 2025, India aligns with the projected doubling of the global space launch services market to $31.9 billion by 2029. Chandrayaan-3’s lunar exploration not only positions India but also opens avenues for space-based manufacturing and economic transformation. International collaborations, including OneWeb and the Artemis Accord with Nasa, showcase India’s global space capabilities.

Towards Tomorrow

In essence, India 2029 is characterised by a balance between ambition and pragmatism. It’s a carefully calibrated road map that acknowledges the global complexities.

As the nation positions itself to be the third-largest economy, it does so with a clear understanding that economic growth isn’t an end in itself; it’s a means to elevate the lives of its citizens, contribute meaningfully to global progress, and secure a lasting place in the corridors of the global community.

 

The author is CEO of Serum Institute of India. Views are personal