New technologies are emerging on the horizon which will significantly disrupt existing industries. This provides a good opportunity for India to enter into these industries on the back of the new disrupting technologies to lay the foundation of India’s future economy. Will India continue to be a technology importer or will India be the leader of technology-based exports, as India was till the 18th century, will depend on whether we are able to take the appropriate steps now.
Using a case study of Indian Railways Catering and Tourism
Corporation (IRCTC), an attempt to capture the economic impact of open digital ecosystems is made. The study indicates that the economic value is around USD 147.59 b for 2019, approximately 5% of GDP. Need for strengthening open digital ecosystems is highlighted with few policy suggestions.
The general view of the relationship between governments and industry is that the government formulates the operating framework for industries to operate on an arms- length distance from the government, except where government intervention is required for operational issues such as the issuance of a license, issuance of permits, taxation, etc. The government plays a limited role in formulating the vision for the industry or creating new industries, hence sticking to the principles of laissez-faire capitalism.