The Indian government said that it plans to invest ₹8000 crores ($1.12 billion) in over five years to set up Quantum Technologies and Applications (NM-QTA), which is collaborating with institutions and companies to build homegrown capability in quantum technologies.
Revealed by India's Finance Minister, Nirmala Sitharaman, India's technology service providers have been carrying out research and development work in quantum computing, as they bet that the technology will increasingly become mainstream.
Countries in the West are already making bets on the emerging field that has potential impact in future computation, such as research in health care, energy, environmental systems, cybersecurity, smart materials and more.
Companies like IBM and Google, for example, are already investing a lot of money and infrastructure for quantum computing.
With the move, India is putting itself as one among the world leaders in quantum computing and its related applications.
India’s investment however, comes quite late.
In 2016, the European Commission announced €1 billion ($1.13 billion) funding for quantum computing projects. In 2018, U.S. President Donald Trump signed a bill that promised investment of $1.2 billion in the quantum field. And as for the powerhouse of the East, China, is already committing over $2 billion over the years to help fuel quantum research.
Other countries such as Japan, Germany, and Canada have also announced various schemes in quantum computing programs.
India here is quite new to the field, with very few projects under works on the emerging technology.
But the budget isn't just for quantum computing. With its Union Budget, Minister Nirmala Sitharaman has also proposed to roll-out a new policy for building data centers across the country, by also allocating the budget for the development of machine learning technology, AI, and data analytics.
“India has already embraced new paradigms such as the sharing economy with aggregator platforms displacing conventional businesses. Government has harnessed new technologies to enable direct benefit transfers and financial inclusion on a scale never imagined before,” Minister Sitharaman said in her Budget speech, adding that the new economy is based on innovations that disrupt established business models.
And here, AI, quantum computing, fintech, and Internet of Things (IoT) are changing the way of lives.
The areas of focus for the National Mission on Quantum Technologies & Applications are in fundamental science, translation, technology development, human and infrastructural resource generation, innovation and startups to address issues concerning national priorities.
For India to secure communications, financial transactions, drive societal progress, generate employment and foster economic growth, it is crucial for its government and industries to be prepared to develop emerging and disruptive technologies.
Once the NM-QTA mission gets going, it will further stimulate economic growth, which will then create feed back into a growing quantum-based economy.
This should make India to remain competitive.