India being one of the fastest growing economies of today’s world has come a long way from being a “Land of Snake Charmers” to being celebrated for “Mars Mission” and is developing at a breakneck pace. We are currently witnessing this radical transformation in India with the apparent spurt in commercialization, digitization, entrepreneurship, foreign direct investments, start-up culture and many more factors acting as catalysts propelling India turn its sprint into a marathon. Here are few of the rising trends in India:
- CommercializationCommercialization, the process of managing or running something principally for financial gain, has witnessed itself escalating in various sectors like art, education, government, business capabilities, technologies, innovation etc. which has resulted in the boost to the economy by bringing in revenue, creating job opportunities, improved infrastructure and increased associated business opportunities. This has led to a generation of maximal profits and investments in the development of the nation.
- DigitalizationIndia is galloping towards development with no stalling and the biggest benefit which will add to its lighting speed is the youth power. India has a fast-growing population of working age enumerating to almost 64% to its advantage. This vast ocean of millennials is growing up in a highly digital environment. Digitization, which harnesses the power or connecting people, process, data and things, has made it possible to provide most of the essential services online like banks, schools, health, e-markets, transportation, hospitality, food, governance etc. Everything is going digital having largest benefit in equal access to education and communication. With schemes like Digital India, Make in India, Start-up India, it is digitally empowering the society and knowledge economy. They aim at achieving a digital infrastructure that is utilized by every citizen, e-governance and digital empowerment of the citizens. We are witnessing an unprecedented growth in connectivity, data and broadband which is accelerating India’s transition to a knowledge economy. Digitalization holds the sheer potential to transform the lives of the citizens and positively impact the society and environment.
- Entrepreneurship and Start-up cultureIndia seems to have been bitten by entrepreneurship bug, as there has been a tremendous increase in the number of people taking risk of starting a business activity on their own. Young Indians are seen shedding their phobia of failure and stepping into the risky world of start-ups. IT boom in India has seemed to reduce the difficulty of it too. This phenomenal rise in the number of startups in India is mainly due to change in mindset and attitude of the people to have something of their own rather than working for the goals set by others. Inspiring, triggering stories from successful entrepreneurs provide the needed fodder for the innovative, creative minds of our country. The success story examples from past make the youth believe in their own ideas and working towards turning them into reality. Funding generated by these start-ups has been huge. This has led to attracting investors and capitalist firms to invest in huge amounts.
Foreign Direct Investments
There has been a spike in Foreign Direct Investment too in India, which is a major source of non-debt financial resource for the economic development of the country. India’s relatively lower wages, special investment privileges such as tax exemptions, favorable policy regime and the robust business environment has been a driving force for bringing in these investments which generate employment and helps achieve technical know-hows. This benefits India by integration into the global economy, economic growth of the country, a wide spectrum of opportunities in trading of goods and services, technology diffusion and knowledge transfer, increased competition leading to better quality of products and services, human resource development and employment.
On a land of many tongues, where multilingualism is displayed at every few kilometers, it is not easy to build a bridge with all the people using the same one language. At such joints, language service providers come to the rescue to achieve the goals. With prolific rise in mobile adoption in India, the websites, chat applications, digital entertainment, social media channels, news streams are accessed using various Indian languages. Hence to keep up, businesses be it commercial, digital or start up, need to establish digital Indian channels and advertise their services in the local language leading to rise in website and app localisation. With India being the top destination for FDI, manufacturing firms initiating their spirit in India need to adhere with local legislation and localize their material, and IT firms (especially telecoms, education and e-Learning) needs to emphasize on languages too.
Undoubtedly, India is swiftly transforming to an integral hub for the language services market, with a multilingual talent pool, educated linguists, highly-qualified tech graduates, design and typesetting specialists and talented IT engineers.
India is changing, are you?
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