India is the fastest-growing trillion-dollar economy in the world and the fifth-largest overall, with a GDP of $2.94 trillion. Catapulted by the rising availability of high-speed connectivity, India already has one of the world’s largest (and still growing) base of digital consumers. The IT sector, while contributing to around 8% of the country’s GDP and providing employment to 4.36 million people, has leapfrogged multiple stages of development faster than many western economies.
As the country continues to embrace the contours of “Industry 4.0” such as 3D printing, augmented wearables and cognitive computing, there is an immediate need to strengthen the regulatory framework in a manner that fosters innovation while protecting the public interest.