The Tech Adaptation, necessary for Business Survival: Dr. Ritesh Malik

Noting that the pandemic year has been nothing but disastrous for the entire global value chain, emerging economy like India was no exception to this global depression.

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The Tech Adaptation, necessary for Business Survival: Dr. RITESH Malik

Dr. Ritesh Malik, an Indian doctor turned entrepreneur and investor, has given his insight on the need for India to accept tech advancement as the new form of evolution.

Noting that the pandemic year has been nothing but disastrous for the entire global value chain, emerging economy like India was no exception to this global depression.

Also Read: Post COVID-19 impact on Business, and Industries Strategies for revival and survival

However, it was the tech industry that not only survived but thrived during the economic downturn. For businesses, adapting technology at a neck-breaking speed was the only way to ensure their network and be a part of IoT.

The second half of 2021 saw a boom in the number of entrepreneurs in the tech industry. Businesses shifted from the conventional to integrating technology in the form of communication, manufacturing, and distribution development.

The author pointed out that although technology has opened new doors for tech founders and unicorns to flourish, profitability seems to be a far-fetched goal for most start-ups in India. Nevertheless, it would be more advisable to work on developing and creating the next “industrial revolution” instead of letting the desire for short-term profitability take over.

He mentions IPO as being a primary source of investment that could ensure long-term growth for these private institutions.

At this thriving juncture of tech start-ups, it will be the government’s responsibility to ensure that new talents and unorthodox approaches are adding and creating value in India, instead of migrating to overseas markets looking for better opportunities.

Betting on the second biggest network of web users, Dr.Ritesh sees India as an Attractive destination for creative and talented founders, “provided that we, as a country, start accepting technological advancements like the new form of evolution, and ethically work as a community to nurture creativity and intelligence.”

He ends his piece on a hopeful note that by the year 2030, young dynamic start-ups would be accounting for 40% of Nifty 50.

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The Tech Adaptation, necessary for Business Survival: Dr. Ritesh Malik
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Noting that the pandemic year has been nothing but disastrous for the entire global value chain, emerging economy like India was no exception to this global depression.
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THE POLICY TIMES
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