National Technology Day 2023: How Tech is Disrupting Various Sectors in India Leading to Revenue Generation and Employment

National technology day is being commemorated in India today. Technology is disrupting various sectors in India, revolutionizing traditional industries and leading to significant revenue generation and employment opportunities. In sectors like e-commerce, advancements in online platforms, logistics, and payment systems have transformed the way people shop, creating new revenue streams and generating employment across the supply chain. 

The fintech sector has seen remarkable growth, with digital payment solutions and innovative financial services replacing traditional banking methods, resulting in increased financial inclusion and job creation. Kapil Kapoor, chief product and technology officer, CredAble, said: “Technology continuously drives change, with developments in the Metaverse and generative AI leading the way. These new technologies have enabled businesses to create and improve offerings, enhance productivity, and contribute to the well-being of humanity. The cloud and 5G have boosted computing power and network connectivity, defining the digital era's scale and speed. Advanced technologies, such as artificial intelligence, machine learning, cloud computing, and biometrics, are transforming the financial services industry, allowing FinTechs to drive greater efficiency and create more value. By adopting digital operating models, FinTechs can achieve greater agility and precision in risk assessment, overcome implementation hurdles, and build solutions that offer last-mile delivery, fraud detection, and regulatory compliance. FinTech start-ups and financial institutions are investing heavily in technology, particularly in customer onboarding, underwriting, credit scoring, and loan disbursements. As AI technology advances, business leaders should consider how their models can benefit from decentralised AI capabilities beyond 2023. Along with optimising efficiency, it's important to establish reliable cloud infrastructure and integrate intelligence into technology stacks."

Along the same lines, Nageen Kommu, founder & CEO, Digital,” said:  “Technology is disrupting the BFSI sector in India, leading to new revenue streams and employment opportunities. With the use of technology such as Artificial Intelligence and Machine Learning, solution providers are helping fintechs to streamline their processes, reduce costs, and enhance customer experience. This has led to the development of new financial products and services, including digital payments, mobile banking, and online insurance, which are generating revenue for the industry. Furthermore, the adoption of technology has led to the creation of new job roles in areas such as data analytics, cybersecurity, and digital marketing. Financial Institutions are also investing in upskilling and reskilling their employees to adapt to the changing landscape, creating opportunities for career advancement. The use of technology has also enabled financial institutions to reach out to previously untapped markets, further expanding their customer base and generating more revenue.”

Additionally, the rise of artificial intelligence and automation is transforming manufacturing, agriculture, and other sectors, optimizing operations, boosting productivity, and creating jobs in emerging fields like robotics and data analysis. Milind Borgikar, chief technology officer at Ayekart, said: ”National Technology Day serves as a reminder of how technology has the power to impact and transform lives and livelihoods. The agri-value chain is undergoing a significant transformation due to the emergence of cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML). The implementation of these advanced technologies has the potential to effectively tackle crucial issues, including food security, sustainable business practices, and the empowerment of MSMEs, Farmers/ Farmer Producer Organizations (FPOs).”

In the same vein, Govind Soni, Co-founder and CTO, CoinSwitch , said: “On National Technology Day, we are reminded of the transformative power of innovation and its ability to shape our lives meaningfully. Technology at its best is a high-impact growth accelerator. It increases efficiency, creates new possibilities, and makes our world better. In terms of crypto and its underlying blockchain technology, we are already seeing this play out via the ongoing Web3 pivot. Today, companies and governments are harnessing the power of blockchain to create secure and transparent systems across various industries. Blockchain technology can potentially revolutionise how we conduct business, store data, and even vote. In the coming years, we can expect to see a boom in the real-world utility of this technology and yield its benefits.”

Technology has had a profound impact on the gaming industry, revolutionizing the way games are developed, played, and experienced. The advancements in graphics, processing power, and network capabilities have significantly enhanced the visual quality and realism of games, immersing players in virtual worlds like never before. “

Ankur Singh, CEO and Founder, Witzeal Technologies, said: ”National technology day is the cornerstone of our country's development, and we recognize the immense potential it holds for the real money gaming industry. The industry has come a long way with the evolution of new technologies like AI, MI, and AR/VR, empowering game developers to create engaging and immersive gaming experiences that enables continuous engagement of players. These technologies have contributed to the rapid development of the industry. With AI and machine learning, gaming companies can now personalize gaming experiences for individual players, providing them with customized gameplay and tailored rewards based on their preferences and behaviors. This has opened a whole new world of possibilities for the industry, creating opportunities for growth and innovation that were previously unimaginable.”

Overall, technology-driven disruptions in India are driving revenue growth, fostering entrepreneurial opportunities, and creating a diverse range of employment prospects in the rapidly evolving digital landscape.