This year we took a step closer to the technological relationship between Bahrain and India with the first ‘Bahrain’s Conference of Artificial Intelligence in Sustainability” under the kind patronage of the Ambassador of India to the Kingdom of Bahrain-His Excellency Piyush Srivastava, who is a true support of technology and AI advancement between the two countries.
Since Bahrain is positioning itself as an AI and innovation hub for the region, it is useful to shed a light on India’s achievement in these domains:
India Tech hub cities
The southern Indian tech hub of Bangalore is home to the largest number of high-growth companies in India and ranks fourth overall among Asian cities, according to the FT’s latest ranking of High Growth Companies in Asia-Pacific, compiled by research company Statista.
Twenty of the top 500 companies on the list are based in Bangalore, representing four percent of the total. India’s financial capital, Mumbai, is Bangalore’s nearest rival, with 13 companies in the top 500.
Bangalore has also retained its high growth crown despite having recently lost its title of India’s start-up capital. According to the government’s Economic Survey, 5,000 new start-ups were recognized in New Delhi between April 2019 and December 2021, compared with 4,514 in Bangalore.
But while the start-up scene is flourishing in India’s capital, New Delhi, the big money is still heading south. An analysis of Tracxn data by the Indian newspaper Mint shows that Bangalore nabbed $17bn in funding for start-ups during 2019-21, with New Delhi taking just $2bn.
Beyond start-ups, Bangalore’s state, Karnataka, is punching above its weight in attracting foreign direct investment (FDI). From October 2019 to December 2021, Karnataka captured $29bn in FDI equity inflows — India’s second biggest share after Mumbai’s state, Maharashtra.
Indian IT firms have delivery centers across the world and are well diversified across verticals such as Banking Financial services and Insurance (BFSI). Also, it is important to mention that India remains a preferred destination for IT & BPM in the world and remains a leader in the global sourcing industry, with a 52% market share in services exports from the country.
India as AI hub
India will become the Artificial Intelligence (AI) hub for the world in the next decade as the country endeavors to incorporate information and communications technology and AI in primary, secondary, and tertiary sectors of the Indian economy.
With its unprecedented scale and growing impact on daily lives, information and communications technology (ICT) is nowadays a powerful tool for more inclusive, resilient, and prosperous societies.
Prime Minister Narendra Modi said that India will aim to become a “global hub” for artificial intelligence (AI) through technology-based learning and skilling for the workforce and students and help solve long-term issues such as climate change and pollution. Speaking after inaugurating the Responsible AI for Social Empowerment (RAISE) 2020 Summit, at which I also had the honor of speaking my ideas.
There’s a huge opportunity to position India as a global hub for data and artificial intelligence (AI), enabling investment, jobs, and innovation.
India’s innovation post-pandemic
Across every industry and sector, we’ve seen years’ worth of digital transformation happen over the last few months. Organizations, both in the private and public sectors, are quickly adapting to new ways of working and serving customers. Innovation is being applied as organizations work on transforming products, services, and business models to stay relevant. Technology is helping organizations to innovate and stay open in the most constrained and the most difficult of circumstances.
The pandemic has accelerated two megatrends that will likely continue well into the future. The first is cloud-led data and AI innovation.