5G Network Set To Boost Iot Sector Growth In India| MENAFN.COM

Tuesday, 29 November 2022 08:32 GMT

5G Network Set To Boost Iot Sector Growth In India

(MENAFN- Khaleej Times)

Question: My friends and I would like to study and specialise in the Internet of Things. I am told that there are great prospects in this developing technology. I am not too clear as to what this technology means and in which areas it would be used.

IoT is a network of connected physical objects which are used in electronic items, sensors, and software. These connected objects, also called nodes, exchange data over the internet. It is expected that there will be around 22 billion connected devices in the world by 2025. IoT technology is used in manufacturing, agriculture, healthcare, transportation, advertising, retail, water and waste management, power distribution, etc. IoT is used in various devices and applications for smart parking, smart water level monitoring, smart healthcare, smart solar panels, etc. This technology is essential for achieving high productivity, efficiency, a safe working environment and low carbon emissions in industry. Therefore, if you are planning a startup with your friends, you will need to have an in-depth knowledge of IoT which will help you especially in the manufacturing and healthcare sectors. In India, the IoT applications are being used extensively in setting up one hundred smart cities whereby traffic management, LED street lighting, water supply management will be commissioned. With 5G network now being introduced in India, the IoT use will increase dramatically.

The productivity linked incentive scheme was announced by the Indian Government to give a boost to the manufacturing sector. What impact has it made and is it to be expanded in the near future?

The production linked incentive scheme which was announced in March 2020 was initially applicable to drug intermediates and active pharmaceutical ingredients. During the Covid period it was also extended to cover medical devices. In November 2020, it was extended to electronic products, pharmaceuticals and telecom products, including white goods. High efficiency solar PV modules are also covered. It has also been extended to automobiles and auto components. In September 2021, drones and drone components have been made eligible for the PLI scheme. The Government is also considering extending this scheme to shipping which would include manufacture of containers as there is a global shortage of the same. Manufacture of toys and cycles is proposed to be included in the scheme.

Local supply chain management is under threat. Countries which are heavily dependent on imports and exports for their domestic growth are particularly affected by the disruptions experienced from 2020. What precautions and steps are being taken to meet this challenge?

During the Covid period and on account of the recent tensions in Central Europe, countries including India are participating in the Indo-Pacific Economic Framework in order to tackle the challenge of supply chain disruptions. The objective is to prevent these disruptions in future so that economies can grow through higher volumes of trade. Senior ministers of fourteen countries, including Japan, the US, South Korea, Australia, India, Singapore, Thailand, Vietnam, met recently in order to come up with a robust framework to prevent these disruptions. No trade agreements are being entered into under this framework. The main object is to ensure a resilient supply chain, adoption of green technology and prevention of opaque business practices. The Research and Information Systems set up by these countries have underlined the need for greater clarity on the supply of raw materials and have set up a platform for sharing information on supplies, availability, access and regulations. Partnerships are also being forged on standardization of products and research and development.

H. P. Ranina is a practicing lawyer, specialising in tax and exchange management laws of India. Views expressed are his own and do not reflect the newspaper's policy.


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