The world came to a standstill when the deadly virus hit the planet, causing devastating downfall to every economy in the world. The tech giants, Chinese tech companies are at a freefall. The nation has lost about $800 billion in market capitalization and this is being the result of several cascading issues that has affected China at large.
India has started the ball rolling by banning several Chinese apps like TikTok, Helo, We Chat, Alibaba’s UC Browser, UC News, Shein, Club Factory, and more. The ban from India created an international debate on ethical tech. This sudden paradigm shift forced Chinese companies to fit into the new mode of ethical tech. PUBG was forced to create PUBG India after the ban in India. However, the developers of the main game are South Korea, the mobile version of PUBG was developed by Tencent, a Chinese conglomerate.
China has wilfully ignored warnings in the past but has finally realized the value of data protection and privacy. The larger question is how a regime that doesn’t respect human dignity will confront rules that are designed around human dignity.
The freefall of Chinese tech companies is clear, and there is a huge opportunity for India to step up and capitalize on this The nation has also started the global debate on ethical tech by taking a strong stand against Chinese app rules and banning them. Further, the tech ecosystem is expanding the nation at an exponential rate and the present government policies are fostering the growth of Indian tech companies.
Indian tech companies have unprecedented opportunities
Sridhar Vembu, founder and CEO of ZOHO corporation and member of the national security advisory board explained the opportunities that India could capitalize on. Sridhar elaborated, “ There is a global shift, due to the geopolitical realities on the ground, the west is looking for investment opportunities. India is, of course, the largest demographical and deepest pool of talent and potentially the largest market ahead.”
As investors around the globe are looking for a new outlet, India is emerging naturally in the tech sector. “ Global investors are now looking for an outlet and India is naturally emerging, particularly in tech and we can see this in the flood of capital in India. In the last six months, we have added the highest amount of capital pouring in India” Sridhar Vembu further added.
The domino effect created by India is building up
The banning of Chinese app by India started a global debate on ethical tech and the Indian tech companies are slowly capitalizing on the situation which will gear up in near future.
Vembu said, “Not immediately but definitely, Indian companies have come up and I believe it will also in a long-term trajectory, huge opportunities for India is here. The world needs India to be a strong player in technology because of multiple reasons.”
India is on track to create tech giants that will cater to the world. The key lesson for entrepreneurs in India is the way in which they invest in the long term, R&D and skill-building which is of the essence. And if Indian entrepreneurs follow that, global champions will come through India. The progress will not happen overnight but in the next few decades, India has the potential to create 20 to 30 global companies that will operate from India.