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Home Technology Quantum technologies to add $310 billion to Indian economy by 2030

Quantum technologies to add $310 billion to Indian economy by 2030

About 92 per cent out of around 100 projects initiated in quantum technologies in India, are sponsored by the Government

A value of $280 to $310 billion can potentially be added to the Indian economy by 2030 by the adoption of quantum technologies across industries, IT industry body Nasscom said in a report.

The uptake by enterprises is also expected to go up by 45 per cent and sectors such as manufacturing, high-tech, banking, and defence in India are likely to lead the charge of adopting quantum technologies for critical and large-scale use cases, according to the report released on Monday.

With 10 to 15 government agencies, 20 to 30 service providers, 15 to 20 start-ups and 40 to 50 academic institutions active in this domain, the ecosystem of quantum technologies in India is growing at an accelerated pace, said senior industry officials.

Commercially viable quantum computing use cases have been built by a number of government agencies, academic institutions as well as start-ups, said Achyuta Ghosh, research head at Nasscom.

“We see companies like Tata Consultancy Services, HCL Technologies, Infosys, Tech Mahindra, Zensar, Mphasis, Coforge among others creating use cases for quantum technologies and proof of concept for clients”, Ghosh said.

About 92 per cent out of around 100 projects initiated in quantum technologies in India, are sponsored by the Government.

During the 2020 budget, to advance progress in quantum information and meteorology, quantum applications and materials, and quantum communications, an outlay of INR 8,000 crore ($1 billion) was announced for the next five years.

“Today, we have less than 200 people in this industry across start-ups, academia and government but there is a massive need to scale it up to 25,000 as envisioned by the government in order to tap the $310 billion opportunity it offers over the next decade”, Ghosh said.

Akshay Khanna, managing partner of Avasant, a technology advisory firm that partnered with Nasscom on the report, said, the actual growth will, however, come from enterprise adoption.

“The growth of cloud hyperscalers is also making quantum technology more accessible on the cloud. In India, enterprise adoption of quantum computing technology stands at around one to two per cent. We see this going up to 35 to 45 per cent over a decade”, Khanna said.

Also readCIO News interviews Shri Wangki Lowang, Minister (IT) of Arunachal Pradesh

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CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics

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