Indian government plans $15 billion IoT industry
28 October 2014 |
The government of India has released a policy document outlining plans to create a $15 billion market for Internet of Things (IoT) products by 2020.
The document predicts that the number of internet-connected devices in the country will increase from 200 million to over 2.7 billion during that period.
It outlines four areas which the government considers vital for future development of the technology, including the development of skills, technologies and products.
“The Policy framework of the IoT Policy has been proposed to be implemented via a multi-pillar approach,” the document said. “The approach comprises of five vertical pillars (demonstration centres, capacity building and incubation, R&D and innovation, incentives and engagements, human resource development) and 2 horizontal supports (standards & governance structure).”
The document goes on to propose the establishment of National Centres of Excellence to promote the plans, alongside an International IoT Research Collaboration scheme to issue tenders for foreign investment and collaboration.
The IoT statement is part of a wider ‘Digital India’ strategy put forward by the government of Narendra Modi shortly after it was elected earlier this year, along with a sanctioned budget of Rs 1 trillion ($16.3 billion).