{"id":242428,"date":"2023-05-15T20:11:36","date_gmt":"2023-05-15T14:41:36","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=242428"},"modified":"2023-05-15T20:11:36","modified_gmt":"2023-05-15T14:41:36","slug":"indias-quantum-dreams-the-impact-of-tech-on-economy-could-be-significant","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/indias-quantum-dreams-the-impact-of-tech-on-economy-could-be-significant\/","title":{"rendered":"India’s Quantum dreams: The impact of tech on economy could be significant"},"content":{"rendered":"\n

Source-<\/strong> The post is based on the article \u201cIndia’s Quantum dreams: The impact of tech on economy could be significant\u201d published in the \u201cBusiness Standard\u201d on 15th May 2023.<\/p>\n

Syllabus: <\/strong>GS3- Awareness in the field of IT and computers<\/p>\n

News<\/strong>– National Quantum Mission was approved by the Union Cabinet in April, with a total outlay of ~6,003 crore over the next six years. The investments will be directed towards research and development and creating an innovative ecosystem in quantum technology.<\/p>\n

What is the progress of the country in the field of quantum technology?<\/strong><\/h2>\n

As per Nasscom<\/strong>, numerous players are actively engaged in this field. It includes 10-15 government agencies, 20-30 service providers, 15-20 start-ups, and 40-50 academic institutions.<\/p>\n

About 92% of 100 projects <\/strong>initiated in India as of February 2022 are government-sponsored<\/strong>. The projects are operated by remote access to quantum computers through cloud platforms provided by <\/strong>companies like IBM, Microsoft, Google, and Amazon.<\/p>\n

IBM was the first company to make an actual quantum compute<\/strong>r available on the cloud in 2016. IBM has been playing a pivotal role in India\u2019s quantum computing journey. <\/strong><\/p>\n

Since 2021, IBM has prioritised access to quantum computing to boost quantum programming skills<\/strong> in India. By installing Qiskit and some Application Programming Interfaces<\/strong>, anyone can start programming.<\/p>\n

BosonQ Psi<\/strong> became the first start-up from India to join the IBM Quantum Network.<\/strong><\/p>\n

What is the potential of quantum technology for India?<\/strong><\/h2>\n

India may achieve quantum advantage<\/strong> where quantum computers outperform classical supercomputers within the next year or two.<\/p>\n

This can solve many problems at the scale of India\u2019s population. It can identify fraudulent transactions<\/strong> from billions of digital transactions.<\/p>\n

The impact of quantum technologies on India\u2019s economy could be significant. Nasscom\u2019s study suggests that widespread adoption of quantum technology across industries could contribute $280-310 billion to the Indian economy by 2030. <\/strong><\/p>\n

The technology may reach critical maturity by 2026\u20132027<\/strong>. It can lead to an increase in enterprise adoption.<\/strong><\/p>\n

What can be various potential uses of quantum technology?<\/strong><\/h2>\n

Quantum technology can solve crucial problems in finance, chemistry, life sciences, and <\/strong><\/p>\n

logistics<\/strong>. It is already helping enterprises.<\/p>\n

Quantum computing can provide better solutions to complex optimization problems<\/strong>. It can explore problems in chemistry and pharma related to protein folding and drug design.<\/strong><\/p>\n

The next-generation computing methods can unlock new scientific possibilities<\/strong> in areas like computational chemistry<\/strong> for new materials and energy solutions<\/strong> to address climate change. <\/strong><\/p>\n

Quantum computing can have application in currency arbitrage, credit scoring and portfolio optimisation<\/strong> for a client in the financial services domain.<\/p>\n

What is the way forward for India in the field of quantum technology?<\/strong><\/h2>\n

Quantum computing<\/strong> is still in its early stages globally, but India cannot afford to ignore its role in it.<\/p>\n

Countries across the world are going to have quantum encryption<\/strong>. India cannot afford to be without it. India will have to develop them indigenously.<\/p>\n

A quantum industry<\/strong> is going to develop all over the world. It is important to have a partnership with that industry.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source- The post is based on the article \u201cIndia’s Quantum dreams: The impact of tech on economy could be significant\u201d published in the \u201cBusiness Standard\u201d on 15th May 2023. Syllabus: GS3- Awareness in the field of IT and computers News– National Quantum Mission was approved by the Union Cabinet in April, with a total outlay… Continue reading India’s Quantum dreams: The impact of tech on economy could be significant<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,216],"class_list":["post-242428","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-3","entry"],"jetpack_featured_media_url":"","views":{"total":2,"cached_at":"","cached_date":1700782455},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/242428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=242428"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/242428\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=242428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=242428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=242428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}