2021's Pivotal Tech Developments To Take Note

Technology has made its presence in various sectors in today's digital landscape. With a growing number of businesses from a wide range of industries and sectors making the switch from manual to digital work processes such as, Communication and IT, Industry, Transportation, Defence, and Space technologies are some of the important sectors which have integrated modern technology in diverse aspects of their development and functioning.

Technology is no longer an alternative but a requisite to stay afloat. India is just one of the latest countries to get involved. Let us gaze into some of the significant developments in India - 2021.

Hiranandani Sets Up Rs 30,000 Crore For Data Center Unit
India's data centre sector is witnessing a significant boom, and it will keep on increasing in the coming years. "A report indicated that the Indian data centre industry capacity will double by 2023". Real estate player Hiranandani group is all set to double up on its investment plans for its Data Center unit Yotta. The two year old venture has not only set up India's first Tier IV Data Center in less than a year at Mumbai but is already beginning to repeat the initial success in other cities as well.One installation costs around Rs 1,200 crore. Hiranandani group making five such in Mumbai, six in Noida, six in Chennai, three in Pune, three in Calcutta, and one in Gujarat. Overall the investment could reach Rs 30,000 crore over the next five years.

Indian E-Retail Market Estimated To Grow Upto $140 Bn By FY 26
Technology is shifting the world in ways that would be considered unbelievable a decade ago. This year was a watershed moment for India's e-retail market, forcing 12-month acceleration in e-retail penetration. This growth increased even more in the top eight metro cities, where online shopping is more familiar: one in three people shopped online at least once in the top eight metro cities. The $810 billion Indian retail markets rapidly evolve to retain a size able e-retail component.

India has the third largest online shopper base of 140 million, only behind China and the US. Nevertheless, the market is still extensively untapped, and there is an immediate possibility to reach India's large Internet user base of roughly 625 to 675 million people.

UPI-Based Apps Break All Records In October, 2021
October witnessed a rapid growth both in terms of transactions and volume. From September 2020-21, the country's digital payments ecosystem continued growing with monthly UPI transactions from 1.8 Bn to 3.6 Bn. The number hit an all time high at 4.21 Bn. Among the most prominent and top performing UPI apps, customer transaction value was only growing marginally signalling relief to more significant market shareholders like PhonePe and Google Pay.

India And Singapore Initiates Project To Link UPI And Pay now For Immediate Fund Transfer
The Reserve Bank of India(RBI) and the Monetary Authority of Singapore(MAS) has come up with a new project that links to high speed payment systems. India and Singapore will merge their respective high speed payment systems and permits users to make instant, low cost remittances to each other. The partnership aims to be operational by July 2022.

Revolution In Indian EdTech Companies
After reaping a windfall from the pandemic fuelled online education boom in its home country, India's fourth largest online higher education company, upGrad, has cemented its leadership position as Asia's most integrated player in higher education and Byju's has revved its push into international markets by renaming the coding lessons unit Byju's Future School.

STEM based Edtech companies and government schemes are working together to build a technologically more innovative nation.