If you follow the tech news, you must have noticed that the “internet of things India vs. China scene” is buzzing with news and changes.
For example, last month, India’s Prime Minister Modi inaugurated an international marketing campaign branded “Make in India“. The idea behind is to attract investment and make the country a hub for tech manufacturing.
At the same time, we see China’s launch of its own “Innovative with China” program. Sounds similar but if you only compare the names of the two programs alone, you’ll grasp the difference.
India Is The New China
China transitioned from a low-cost, low-quality type of manufacturing to a fast-prototyping and quality hardware. Both mottos reveal how the two giants of Asia (and the world) see themselves. With 9.9 per cent average growth between 2000 and 2010, China is no more the home of cheap production.
China is getting richer, and smarter. India is plugging its straggle here. Jobs that China can’t afford anymore to make by moving upwards are well received in India.
India is the new China. India is prone to succeed where China failed. From all the reasons three of them stand out:
- Overall economic growth of the country
- Government involvement in the Internet of Things India
- An explosion of Internet Of Things India Startups
Overall Economic Growth of the Country
Conform to IMF, China was the fastest growing economy in 2014 with a growth of just 0.1 percent, above India’s 7.3 percent.
But, in 2015, India’s growth reached 7.5 percent, higher than China’s 6.8 percent. Not only that but FMI forecasts a growth rate of 7.5 percent for India in 2016 and a drop for China at just 6.3 percent.
Make no mistake; India is on the path to higher growth. Other indicators barring historic GDP estimates are bright.
With a slowdown in China, as it transitions into a service based economy currently in progress, India become the fastest growing major economy in the world.
Government Involvement In The Internet of Things India
“India is expecting a share of 5-8 percent in the $300 billion global Internet of things (IoT) industry in the next five years. The new policy will lead to IoT becoming a centrepiece of a “Digital India” structure.” Said JS Deepak, the secretary of the Department of Electronics and Information Technology.
The Indian government, in collaboration with India’s IT and ITES industry body Nasscom, are going to launch five Internet of Things (IoT) startup incubation centres across the country.
A similar initiative to the Catapult centres opened in the U.K. by the British government.
Similar Read: Internet Of Things: 10 Most Innovative Companies
These five IoT incubation centres would help in reducing Research and Development (R&D) costs, manage and coordinate different types of Internet of Things India related research, projects and startups.
The idea behind these centres is to build talent, entrepreneurial ecosystem for Internet of Things India and also provide an ecosystem for innovation.
Internet of things India Startups Explosion
The last factor is the constant growth of IoT startups in the India landscape. Earlier this year, we caught up with some of the movers and shakers from the Internet of Things India startup space.
A lot more startups are taking the rewards-based crowd funding route for validating their market, receiving product pre-orders, helping plan their inventory and, in the process, raising funds without the need to give up equity.
Not only startups but also accelerator program and angel investment firm are pushing Internet of Things India forward.