India is at the forefront of the global stage, poised to lead the way in the digital era. With a thriving economy, a young and dynamic workforce, and a rapidly advancing digital landscape, India stands out as a beacon of opportunity amid global economic uncertainties. In the first quarter of the fiscal year 2023, India boasted a remarkable growth rate of 7.8%, making it the world”s fastest-growing major economy. The International Monetary Fund (IMF) predicts that India will contribute a substantial 15% to global growth in 2023.

As we enter an era defined by groundbreaking technologies like artificial intelligence (AI) and Web3, India has the potential to capitalise on these advancements. The adoption of AI alone could inject an impressive $500 billion into India”s GDP in the next two years, while Web3 has the potential to contribute up to $1 trillion over the next decade, as highlighted by NASSCOM. These technologies are reshaping our daily lives and revolutionising the way we conduct business. AI is changing how we interact with the internet and access information, while Web3 is poised to transform the fundamental infrastructure of the internet itself, particularly how data is stored and controlled.

India has a unique opportunity to not only embrace these transformative changes but also share its experiences, insights, and models with the world, especially with developing nations. As world leaders gather in New Delhi for the G20 Summit to discuss urgent global matters, India must position itself within this context.

The potential for growth is enormous, thanks to the visionary strategies of our policymakers, our demographic dividend, and the ambition of our startups and private sectors. India”s impressive growth rate of 7.8% in the first quarter of 2023 solidifies its position as the fastest-growing major economy globally. When considering our continually improving workforce and digital infrastructure—the drivers of future growth—the macroeconomic outlook becomes even more promising.

According to the India Skill Report 2023, there has been a remarkable 400 basis point increase in overall employability among the country”s youth. India Stack, our foundational public digital infrastructure, has accelerated our financial capabilities at an unprecedented pace. Aadhaar, India”s unique identification system, has played a role in doubling bank account ownership within a decade, as recognised by the World Bank. Unified Payments Interface (UPI) QR codes have become ubiquitous, from roadside stalls to airport terminals. Nandan Nilekani aptly pointed out that with Aadhaar, India achieved in nine years what would have otherwise taken 47 years.

This newfound baseline equips India to navigate the digital era effectively. Large language models (LLMs) have already demonstrated their capabilities by sifting through vast datasets to predict future trends. While these models offer immense benefits, they also raise concerns about competition and data integrity. It is likely that there will be a renewed focus on decentralised data storage and privacy-preserving tools—crucial elements of Web3.

India has made significant strides in these areas, particularly in decentralized file storage and privacy-preserving zero-knowledge proof technologies. Currently, these tools are primarily associated with the crypto economy. However, as our digital lives become increasingly intertwined with the real world and digital assets gain prominence, these tools will become integral to everyday life.

As a nation of 1.4 billion people, India has ambitious aspirations to shed its historical constraints and leapfrog ahead of even the developed world. India must maintain a long-term perspective as it addresses current concerns to frontier technologies. The foresight displayed today will shape India”s position in the future.

With over 70,000 startups and 100 unicorns, India”s innovation ecosystem is well-positioned to take on the challenge of developing and shaping frontier technologies for the benefit of billions. India”s policymakers have also demonstrated their commitment to establishing leadership in technology. The synchronisation of India”s strategic ambitions with the groundbreaking capabilities of our startups can propel India to the forefront of the impending digital revolution.

(Disclaimer: The views and the details expressed above are the writer’s analysis.)