The Indian Embassy in Kuwait in collaboration with the Indian Business and Professional Council (IBPC) and National Association of Software and Services Company of India (NASSCOM), organized the India-Kuwait Information Technology Conference featuring a high-level multi-company delegation from India with support from the Kuwait Chamber of Commerce and Industry and Central Agency for Information Technology (CAIT) and Communication and Information Technology Regulatory Authority (CITRA).

Addressing the gathering, the Indian Ambassador to Kuwait, HE Dr Adarsh Swaika emphasized that Indian companies in the Gulf region are highly active in the technology sector, especially in the United Arab Emirates and Saudi Arabia.

He said the purpose of organizing this event was to bring together stakeholders from both countries face to face to explore greater collaborations between them. He added that Indian companies are known for their work in this sector, both in India and abroad.

Saying the NASSCOM delegates will give details and specifics about the Information technology sector and its dynamics, the Indian envoy highlighted some facts and statistics:

 India’s technology industry revenue is estimated to be $245 Bn in FY 2023 with IT exports estimated at $194 Bn and expected to grow at 9.4%. It contributed to 53% in India’s service exports in FY 23.
 India is the third-largest and the fastest-growing hub for technology startups. With 23 new unicorns, India became the 2nd highest country in terms of number of unicorns added in 2022. 1300+ new tech startups emerged in 2022.

 Indian SaaS companies (Software as a Service) saw 2x growth in share of global markets. India has as many as 59 SaaS unicorns and potential unicorns.

 In terms of FDI equity inflow, the sector attracted an FDI equity inflow of $93.58 Bn between April 2000 and Dec 2022. I must mention here for those Kuwaiti companies interested in investing in India’s IT sector that up to 100% FDI is allowed in Data processing, Software development and Computer consultancy services; Software supply services; Business and management consultancy services, Market research services, technical testing and Analysis services, under automatic route.

 India is one of the most preferred destinations when it comes to setting up Global Capability Centres (GCCs). The total number of GCCs in India is 1570+.

 Over 45 new data centers are expected to come up in India by 2025. Data centers in India have attracted investment of $10 Bn since 2020.

 Google announced in June 2023 the expansion of cloud services in India with a $1 billion investment in new data centers and the opening of its global fintech operation center at GIFT City in Gujarat.

 Amazon Web Services (AWS) announced in March 2023 plans to invest $12.7 bn into India by 2030, bringing its total investment to $16.4 bn over a period spanning almost a decade and a half.
Last week, Infosys expanded its alliance with Google Cloud to help enterprises build AI-powered experiences. Infosys will create the Generative AI Labs to develop industry-specific AI solutions and train 20,000 employees on Google Cloud’s gen AI solutions.

He went on to say the Indian industry is consistently strengthening its digital capabilities by adopting deep tech technologies and focusing on deploying emerging technology solutions such as AI, Cybersecurity, and IoT.

“Both central and state governments in India have taken steps towards developing technology solutions to digitally enable citizen services. With data costs of INR 10/GB ($ 0.12/GB), India has one of the lowest data costs in the world,” he said.

“Our online public procurement platform — the Government e-Marketplace — has brought transparency and probity into the process. The Open Network for Digital Commerce is democratizing e-Commerce. Fully digitized taxation systems are promoting transparency and e-governance. We are building Bhashini, an AI-powered language translation platform, to support digital inclusion in all the diverse languages of India,” he said.

Saying, “Technology has connected us like never before. It holds the promise for inclusive and sustainable development for all, a solution that succeeds in India, can be easily applied anywhere in the world, including in Kuwait.” He disclosed, that India is ready to share its experiences with the world and has created an online Global Public Digital Goods Repository – the India Stack.

“We are equally aware,” he said, “of the focus of the Government of Kuwait on the Information Technology sector. Through its Vision 2035 Economic Diversification Plan and the new government program, Kuwait is keen to modernize and digitalize its economy and become a smart commercial hub in the region.

“The presence of a large number of government and private sector entities today, including CAIT, CITRA, KneT, Public Authority for Industry, KPC etc speaks of the importance Kuwait attaches to its digital transformation objectives. The leadership of both countries has also identified this area of cooperation as one of mutual interest. This is, therefore, a sector where we can consult, cooperate, and collaborate for win-win partnerships.

Speaking on the occasion, a Member of the Board of Directors of the KCCI, Wafa Qatami, said India is one of Kuwait’s main trading partners, ranking fourth in terms of exports to Kuwait in 2021.

With the impressive growth of India’s tech industry and Kuwait’s willingness to embrace digital transformation, ties with Kuwait in the area of infotech are moving in the right direction.

The event was attended by invited guests prominent among them Dr Ammar Al-Husaini, Director General, Central Agency for Information Technology, Ms. Wafa Al Qatami, Board Member, KCCI, Omar S. Alomar, Chairman, CITRA, Esam AlKhesnam, CEO KneT, and Gurvinder Lamba, Chairman, IBPC; and the media fraternity.

 

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