There will be approximately 22 billion connected devices worldwide by 2025.
File photo — PTI
Question: My friends and I would like to study and specialize in the Internet of Things. I am told that there are great prospects in this developing technology. I’m not sure what this technology means and in what areas it would be used.
The IoT is a network of connected physical objects that are used in electronic objects, sensors and software. These connected objects, also called nodes, exchange data on the Internet. It is expected that there will be approximately 22 billion connected devices worldwide by 2025. IoT technology is used in manufacturing, agriculture, healthcare, transportation, advertising, retail retail, water and waste management, electricity distribution, etc. devices and applications for smart parking, smart water level monitoring, smart healthcare, smart solar panels, etc. This technology is essential to achieve high productivity, efficiency, safe working environment and low carbon emissions in industry. Therefore, if you are planning a startup with your friends, you will need to have a deep understanding of IoT which will help you especially in the manufacturing and healthcare sectors. In India, IoT applications are being widely used in setting up around 100 smart cities where traffic management, LED street lighting, water supply management will be put into operation. With the introduction of 5G network in India, the usage of IoT will increase dramatically.
The Productivity Incentive Scheme was announced by the Indian government to give a boost to the manufacturing sector. What impact has it had and should it be expanded in the near future?
The production-related incentive program announced in March 2020 initially applied 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 electronics, pharmaceuticals and telecom products, including white goods. High efficiency photovoltaic solar modules are also covered. It has also been extended to automobiles and automotive components. In September 2021, drones and drone components were made eligible for the PLI scheme. The government is also considering extending this program to shipping, which would include container manufacturing, as there is a global shortage of containers. It is proposed to include the manufacture of toys and cycles in the diet.
Local supply chain management is at risk. Countries that rely heavily on imports and exports for their domestic growth are particularly affected by the disruptions experienced from 2020. What precautions and measures are being taken to meet this challenge?
During the Covid period and due to the recent tensions in Central Europe, countries including India are participating in the Indo-Pacific Economic Framework to meet the challenge of supply chain disruptions. The goal is to prevent such disruptions in the future so that economies can grow through greater trade volumes. Senior ministers from fourteen countries, including Japan, the United States, South Korea, Australia, India, Singapore, Thailand and Vietnam, met recently to come up with a solid framework to prevent these disturbances. No commercial agreement is concluded in this context. The main objective is to ensure a resilient supply chain, the adoption of green technologies and the prevention of opaque business practices. The Research and Information Systems set up by these countries have highlighted the need for greater clarity on the supply of raw materials and have set up a platform for sharing information on the supply, availability , access and regulation. Partnerships are also being forged on product standardization and research and development.
HP Ranina is a practicing lawyer, specializing in tax management and foreign exchange laws of India. The opinions expressed are his own and do not reflect the policy of the newspaper.