THEBUSINESSBYTES BUREAU
NEW DELHI, AUGUST 9, 2026
India is poised to emerge as an essential player in the next
industrial revolution, which is expected to be driven by artificial
intelligence and biotechnology, Union Minister Jitendra Singh said on Sunday,
asserting that the country has learnt from its late entry into the IT-led
transformation.
Addressing a media conclave here, Singh said India is among
the few countries to have a dedicated biotechnology policy and has also
launched initiatives such as the National Quantum Mission and India AI Mission
while making rapid strides in space and other frontier technologies.
The minister said India's space economy, which was
"almost negligible" earlier, has expanded to around USD 9 billion and
is projected to reach USD 40-45 billion over the next eight to nine years.
"Unlike the last industrial revolution, which was
IT-driven and where India was late in becoming a part of it, India will be an
essential player in the next industrial revolution, which will be biotechnology
and AI-driven," he said.
Singh was interacting with technology developers, industry
leaders and other stakeholders at the conclave, where discussions centred on
India's emergence as a global manufacturing and technology hub, rapid
technological change, innovation and increasing private-sector participation in
frontier sectors. He also congratulated the winners of the Digital Appliance Awards.
The minister said India's technological journey has undergone
a significant transformation and the country is now competing against global
benchmarks in several areas.
Citing India's achievements in space, he referred to the
Chandrayaan mission's detection of evidence of water molecules on the Moon as
an example of the country's contribution to global scientific knowledge.
India, he said, had never been short of human talent or
scientific capability, but what was required was an enabling policy environment
capable of converting these strengths into tangible outcomes.
According to Singh, the global economy is gradually moving
towards emerging domains such as biotechnology, circular economy, recycling and
other technology-driven sectors alongside conventional manufacturing.
He said biotechnology is likely to have an increasing impact
on medical science, agriculture and food production, opening up fresh avenues
for economic growth, investment and employment.
The government's BioE3 initiative -- Biotechnology for
Economy, Employment and Environment -- is aimed at strengthening India's
biotechnology ecosystem and positioning the sector as a key driver of the
country's future economic growth, he said.
Singh also highlighted the transformation in the space sector
following its opening to private participation in 2020, saying the policy shift
had demonstrated how an enabling framework could unlock capabilities within the
country.
The emergence of Indian space start-ups, including companies
that have developed rockets and attained unicorn status within a few years, is
evidence of the growing role of private enterprise in frontier technologies, he
said.
The government is increasingly opening sectors that were
earlier largely outside the ambit of private enterprise, including the nuclear
sector, Singh said, adding that such opportunities would require industry to
build the necessary capabilities and prepare for emerging areas.
India has limited time to prepare itself for the
opportunities linked to its 2047 vision, the minister said, stressing that
every sector would have to evolve if the country is to strengthen its position
in the global economy.
"The private sector will have to be ready to participate
in new areas," he said, adding that the government is working to create
the enabling conditions needed for this transition.
Singh also underlined the role of technology in democratising
access to education and economic opportunities, particularly for young people
outside major metropolitan centres.
Recalling his interaction with a student from a financially
constrained family who cleared the IIT-JEE examination using digital learning
resources, he said technology had helped bridge access gaps and opened opportunities
that were earlier difficult to obtain.
The growth of India's start-up ecosystem also shows that
innovation is no longer confined to major cities, with a growing number of
entrepreneurs emerging from smaller towns, he said.
Singh further highlighted the government's efforts to
dismantle outdated laws and procedures, saying nearly 2,000 obsolete laws have
been removed.
He cited reforms concerning family pension rights for single
daughters, nomination rights for women government employees and pension
provisions for families of employees who die before completing 10 years of
service.
The decision to dispense with gazetted officer attestation
for a large number of documents was another reform aimed at placing greater
trust in citizens and the country's youth, he said.
India's ambition for 2047, Singh said, requires the country
to move beyond being a follower and build capabilities and innovations that can
be adopted by others globally.
This would require deeper collaboration between the
government and industry, he said, calling for an extensive public-private
partnership in emerging sectors.
The earlier scepticism between the public and private sectors
must give way to mutual learning and greater cooperation, Singh said, adding
that both sides need to learn from each other, adopt effective practices and
work with greater synergy.
A "whole of government plus whole of nation"
approach will be essential for India to achieve its wider developmental,
technological and economic ambitions, he said.
