IMAGINE paying without cash, applying for loans without physically going to the banks, applying for business permits online, opening a bank account without any deposit, receiving “ayuda” without queueing at the barangay, and having police replaced by drones.
That’s the world now in India, transformed by digital technology that has changed the lives of millions of people.
Indian Ambassador to Manila Shambhu Kumaran said they are organizing a summit in Manila on March 5 to provide Filipinos a glimpse of the digital technology that India has and can offer.
A total of 57 Indian tech companies have signified their intention to join the first-ever India-Philippines Tech Summit on March 5 at Shangri-La The Fort.
They are agri-tech, fintech and health-tech companies, including unicorns and start-ups, from India, which showcase their hardware, software, solutions, including artificial intelligence to the Philippine market.
Around 300 participants are expected to attend from the Philippine government, fintech, medical sector, agriculture and food, hospitals, Business Process Organization (BPO), semiconductor and food processors and exporters.
India is the largest digitally connected democracy in the world, with 830 million internet users and 1.2 billion mobile phone users. It is also a leader in real-time digital payments, and its digital economy is expected to grow by $1 trillion by 2026. It is also the third largest start-up ecosystem with 80 new start-ups registering everyday.
Ambassador Kumaran said the Embassy is hoping that this flagship event will spur “conversation” between Indian tech companies and various stakeholders in the Philippines.
At present, around 30 to 40 Indian companies have invested in the Philippines, employing 150,000 to 200,000 Filipinos.
“What we are lacking so far is a broader understanding of the transformational changes that are happening in the Indian digital economy. And we thought through this event, we would have a platform where leading individual [Indian] companies would have an opportunity to come and present their capabilities,” Kumaran said.
Image credits: facebook.com/IndiaInPhilippines