Government Aims to Create $15 Billion Internet of Things Market in 6 years

The government is working to create a $15 billion Internet of Things (IoT) market in India by 2020, as per the draft IoT policy document, as reported by PTI.
Government Aims to Create $15 Billion Internet of Things Market in 6 years

The government is working to create a $15 billion Internet of Things (IoT) market in India by 2020, as per the draft IoT policy document, as reported by PTI.

It added that the number of internet-connected devices will increase from about 200 million to over 2.7 billion over the six-year period.

As per the policy document, the number of internet-connected devices (12.5 billion) surpassed the number of human beings (7 billion) on the planet in 2011, and by 2020, Internet-connected devices are expected to number between 26 billion and 50 billion globally.

IoT is nothing but a network of inter-connected devices that can be accessed through the internet and can help automate solutions to problems faced by various industries like agriculture, health services, energy, security, disaster management etc through remotely connected devices.

Some of the proposed concepts under the policy include development of tools to monitor quality of water flowing in taps and levels in reservoirs, smart environment to monitor quality of air, technology to monitor changes in body vitals and send alerts to physicians.

The government is also mooting a proposal to allocate Rs 18 crore as 100 per cent fund with Rs 1 crore for each partner and Rs 3 crore for nodal agency over a period of five years.

A proposal to set up ‘International IoT Research Collaboration scheme (IIRC),’ is also under the cards, which will collaborate and initiate treaties with other countries to generate joint projects for R&D in IoT on 50 per cent contribution basis.

IIRC scheme will disburse fund to IoT industry in the form of loan, grant and equity for approved projects after analysing the capabilities of the bidder.

Meanwhile, the government will set up incubation centres titled -- National Centre of Excellence -- in partnership with Nasscom and other industry associations involving Rs 35 crore for 5 years to execute a centre with capacity of 40 people.

“Total five centres should be aimed, which should include labs, office infrastructure and other necessities. Government would provide Rs  100 crore of funds. The rest of the funding would be sourced through industry by Nasscom or any other appointed association,” said the policy document.

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