QuantumTechnology Offers a USD 100 Billion Opportunity for Startups and States, with India Poised to Lead if It Addresses its Skills and Infrastructure Challenges
India Embraces Quantum Technologies: A Game-Changer for Critical Sectors
India is poised to witness a quantum revolution in the coming 5-10 years, with transformative advancements in quantum computing, quantum communication, and quantum sensing set to redefine various industries such as pharmaceuticals, logistics, finance, manufacturing, and semiconductor production.
The Indian government, recognising the potential of quantum technologies, has launched the National Quantum Mission with a budget exceeding INR 8000 crores. This initiative aims to accelerate scientific research and industrial applications of quantum technologies, promote quantum-led economic growth, and position India as a global leader in this domain [1].
Quantum computing, in particular, is expected to revolutionise problem-solving for complex optimisation, cryptography, and large-scale data analysis. These improvements will impact supply chain management, drug discovery, financial modelling, and cybersecurity, enhancing production efficiency and design automation in heavy industries through quantum-enhanced algorithms [2].
The quantum computing industry holds significant potential for India, despite being largely unexplored. To capitalise on this opportunity, Ranjeet Shetye, Venture Partner at YourNest and Managing Director at Everstream Analytics, emphasises the need for public-private co-investment and a comprehensive overhaul of university-level curricula [6].
The next five years are crucial for India to move from research papers to real-world prototypes in quantum computing. By 2030, Shetye expects three to five globally relevant quantum computing startups to emerge from India, particularly in software and middleware [3].
Karnataka is already supporting around 35 quantum computing startups through IISc Bangalore, and the government plans to launch a Quantum Venture Capital Fund to support over 100 startups and generate at least 100 patents in the sector [7]. As part of the initiative, Q-City (Quantum City) for quantum innovation, manufacturing, research, and talent development will be established near Bengaluru.
Aditya Joshi believes quantum technology will bring about a new era of problem-solving in various industries such as finance, healthcare, defence, and manufacturing [8]. India has the potential to become a global hub for quantum innovation with continued investment in talent and infrastructure.
However, India currently faces a severe talent gap in quantum computing, with only about 250 researchers working in the field nationally. To address this, building a talent pipeline with expertise in quantum physics, engineering, and quantum software will be critical.
Other challenges include scaling up research and development, building infrastructure, overcoming technological hurdles, and standardisation and regulation [1]. Developing indigenous quantum computing hardware, quantum optical components, and fabrication facilities requires cutting-edge infrastructure and skilled human resources.
The Karnataka government, along with the Centre and Andhra Pradesh, has launched a INR 1,000-crore Quantum Mission to address these challenges [5]. Enterprise adoption of quantum computing is cautious due to the lack of immediate return on investment.
By transforming Karnataka into a USD 20 billion quantum economy by 2035 and establishing it as the "quantum capital of Asia," the goal of the Quantum Mission is to position India as a global leader in quantum technologies [9]. The mission aims to create more than two lakh direct jobs and 10,000 high-skilled jobs in Karnataka by 2035 [10].
In conclusion, India’s proactive government programs, combined with strategic industry partnerships and focused investment, can enable quantum technologies to revolutionise critical economic sectors by the mid-2030s. Overcoming technical, infrastructural, and human resource challenges will be vital to fully harness quantum technology’s transformative potential for Indian industries [1][2][4].
[1] National Quantum Mission [2] Quantum computing: A game changer for India [3] Quantum computing: India’s next big tech bet [4] Quantum computing to boost semiconductor manufacturing in India [5] Karnataka’s quantum computing ambitions [6] Quantum computing: India’s next big tech bet [7] Karnataka’s quantum computing ambitions [8] Quantum computing: India’s next big tech bet [9] Karnataka’s quantum computing ambitions [10] Karnataka’s quantum computing ambitions
- With India set to revolutionize various business sectors through quantum technologies, Finance leaders should consider investing in quantum-led economic growth, as it could significantly enhance financial modeling and cybersecurity.
- Quantum sensing could redefine the manufacturing industry by improving production efficiency, but India must tackle the talent gap in quantum computing, focusing on building a pipeline of experts in quantum physics, engineering, and software.
- By supporting quantum startups, Karnataka's government aims to establish itself as the "quantum capital of Asia" and create a USD 20 billion quantum economy by 2035, becoming a global leader in quantum technologies.
- To promote the growth of technological innovation in critical sectors like finance, healthcare, and defense, India should encourage public-private co-investment and reform university-level curricula to emphasis quantum computing.
- Innovation in quantum technology could propel the development of semiconductor production, however, India needs to scale up research and development, build infrastructure, and overcome technological barriers to achieve this goal.
