‘Quantum Tech can Add $310b to Economy by 2030

The adoption of quantum technologies across industries can potentially add $280–$310 billion of value to the Indian economy by 2030, IT industry body Nasscom said in a report.

The uptake by enterprises is also expected to go up by 45% and in India, sectors such as manufacturing, hightech, banking, and defence will likely lead the charge of adopting quantum technologies for critical and largescale use cases.

The quantum ecosystem in India is growing at an accelerated pace with 10-15 government agencies, 20-30 service providers, 1520 startups and 4050 academic institutions active in this domain, said senior industry officials.

A number of government agencies, academic institutions as well as startups have built commercially viable quantum computing use cases, Achyuta Ghosh, research head, Nasscom said.

“We see companies like Tata Consultancy Services, HCL Technologies, Infosys, Tech Mahindra, Zensar, Mphasis, Coforge among others creating use cases for quantum technologies and proof of concept for clients,” Ghosh said. There is likely to be acceptance from service providers also very soon, he added.

Of around 100 projects initiated in quantum in India, about 92% are government sponsored.

During the 2020 budget, an outlay of ₹8,000 crore ($1 billion) was announced for the next five years to advance progress in quantum information and meteorology, quantum applications and materials, and quantum communications.

“Today, we have less than 200 people in this industry across startups, academia and government but there is a massive need to scale it up to 25,000 as envisioned by the government in order to tap the $310 billion opportunity it offers over the next decade,” Ghosh said.

The actual growth will, however, come from enterprise adoption, said Akshay Khanna, managing partner, Avasant, a technology advisory firm that partnered with Nasscom on the report.

“The growth of cloud hyperscalers is also making quantum technology more accessible on the cloud. In India, enterprise adoption of quantum computing technology stands at around 1-2%. We see this going up to 35-45% over a decade,” Khanna said

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