Govt aims to build $15 bln Internet of Things industry by 2020

The Indian government releases IoT policy document, aims to create a $15 billion industry in India by 2020.

Published Date
28 - Oct - 2014
| Last Updated
28 - Oct - 2014
 
Govt aims to build $15 bln Internet of  Things industry by 2020

The Indian government is working on a plan to create a $15 billion 'Internet of Things' industry by 2020. The IoT industry could help in health services, security, energy management and much more.

Internet of Things, is a network of inter-connected devices that can be accessed through the Internet. IOE could be used to create street lights that automatically go off when they sense there is no traffic on the roads, saving power. IOT could also be used to create smart bands that will automatically alert physician when body vitals go beyond normal levels.

The document states that the number of internet-connected devices (12.5 billion) was more than human beings (7 billion) on earth in 2011, and Internet-connected devices are expected to number between 26 billion and 50 billion globally by 2020. The govt. has allocated Rs 7,060 crore in the current budget and plans to develop 100 smart cities in the country.

IoT policy document says, "Among other things, IoT can help automate solutions to problems faced by various industries like agriculture, health services, energy, security, disaster management etc. through remotely connected devices."

The policy has the objective "to create an IoT industry in India of USD 15 billion by 2020. This will also lead to increase in the connected devices from around 200 million to over 2.7 billion by 2020."

There project is called the ‘International IoT Research Collaboration scheme (IIRC)’ under which government 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 analyzing the capabilities of the bidder," the document said.

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

Read: MediaTek's new Labs initiative focuses on IoT, wearable devices

Source: ET