India has tremendous potential to leverage the big opportunity unveiled by the Internet of Things (IoT) industry, according to Alphons Kannanthanam, Union Minister of State for Electronics, IT and Tourism.
Addressing the “IoT Summit 2017: Internet of Things -Transforming India’s Energy Sector” organized by the Confederation of Indian Industry (CII) on Oct 10 in New Delhi, Alphons noted that IoT may be nascent in India yet the rapid creation of an ecosystem involving academia, government and industry is already on.
Calling IoT a game changer, the minister said it is going to change the way we live today.
Basically, the IoT implies a network of physical objects carrying embedded technologies enhancing machine-to-machine communications.
Alphons, who is also the tourism minister of India called up the electronics, IT and telecom industries to brace up for the opportunity offered by IoT by leveraging India’s immense strengths including abundant skilled human resource spread across the IT and ITES sectors.
“We can bring this strength to make a deterministic difference for growth and development of IoT sector in the country,” the minister added.
Alphons quoted from the study by Forbes that forecast an impending arrival of 25 billion IoT connected devices by 2020. He also referred to the projected economic benefit of nearly $2 trillion by 2020 from the same source. There are also many studies that project a bigger number of devices and gains of multi-trillion dollars accruing from IoT.
“While the numbers may vary, it is clear that the size of IoT industry is huge and India and Indian electronics industry must take maximum advantage of this opportunity,” the Union minister said.Vivek Debroy Sees Boost In Productivity
Speaking at the event, Bibek Debroy, head of Economic Advisory Council (EAC) to the Prime Minister and member of Niti Ayog said enhancement of productivity is critical in increasing the national income.
"National income of any country is the productivity of its citizens in the working age group. There are different sources of growth and national income. Growth can come either through an increase in land etc. But it is limited. Enhancement in productivity thus becomes important," Debroy said.
From that perspective, IoT harbors a great opportunity for the poor sections of the society to tackle poverty and become more productive.
The CII event had a specific focus of IoT on the energy sector and brought together businesses, government and start-ups in a single platform to deliberate on optimizing basic operations and Infrastructure, cost savings and business transformation services in the sector.
The event was addressed by a galaxy of experts including Kiran Karnik, Prakash Mallya and Tejpreet Chopra who explained the industry perspectives. CII adviser Subha Rajan Tampi welcomed the guests.
New insights on IoT can lead to vital information to augment productivity and efficiency and open up new services, improvement in real-time decision making and rapid resolution of critical problems.
Today every industry is on the lookout for ways to amalgamate the Internet of Things (IoT) to move into the next level. The IoT as a trend is integrating communications, sensing, and analytical capabilities and strongly influencing everything and disruptive changes are on the way in lifestyle, work, entertainment, and travel. It will also mark a paradigm shift in the way governments and businesses interact with the world.Changes in the Energy Sector
The CII event’s opening session was addressed by GK Upadhyay, Technology adviser, Department of Telecommunications, Dr. Neena Pahuja, Director, ERNET India, Abhimanyu Prabhavalkar Vice President - IoT, Oracle India, Ashutosh Chadha, Microsoft India, Kishore Ramisetty, Intel India, and Deepak Agarwal, GM of Information Systems, Indian Oil Corporation Limited among others.
The panel discussion on Data Openness and Data security offered new insights on their role in leveraging the benefits of IoT to the Indian energy sector. The moderators included Srini Srinivasan of Arthur D Little India.