Indian Government Schemes: A initiative towards AR & VR Startups | Sanjay Pasari

With several unicorns appearing in less than ten years, India has recently been swept up in the startup mania. Their rapid growth has had a significant impact on the entire nation and rekindled a dormant entrepreneurial spirit. Top educational institutions like IIM, IIT, and NIFT have started their own incubator and accelerator programs, demonstrating that they are not immune to this tsunami.

An admirer of government initiative says, “the government has taken notice of this heightened interest in supporting the next generation of tech innovators and leaders”. The Ministry of Industry recently confirmed its support for NIFT Kangra in establishing an incubator at the school as an addition to the campus's cutting-edge AR/VR design studio.

With the exception of a few metropolitan areas, emerging technologies like AR and VR have had difficulty gaining traction in Indian marketplaces due to the low levels of digital literacy in the nation. The adoption of these technologies has been further hindered by low per capita income and overall market volatility, making the market only welcoming to entrepreneurs and investors with a high tolerance for risk.

Support from institutions and organizations indicates the end of this ambiguity. Government agencies are seeing how AR/VR technology are transforming daily life and are responding with their own programs to promote change across India.

AR & VR Scheme implemented by Government  

The Indian government has taken a keen interest in building the nation's eGovernance infrastructure since the flagship Aadhaar project, which aims to create shared database stacks of public information in order to better dispense services. This is done to increase the reach and effectiveness of its programs. As a result, the nation's digital literacy has significantly increased, with street sellers embracing wallets and a brand-new generation of micro investors and speculators.

The Ministry of Electronics and Information Technology (MeitY) has introduced "Digital India," an effort assisting tech-based SMEs and startups in their endeavours, to lead the country's digitalization push. The current Prime Minister's ambitious ambition is to secure for India a trillion-dollar chunk of the global digital economy.

State-level initiatives are aiming to develop entrepreneurs and investors while MeitY concentrates on digital literacy across the nation.

The VARCoE program by the government of Odisha is one such project that supports the expanding tech sector. The VARCoE plan, which aims to establish IIT Bhubaneshwar into a virtual reality center, is a significant indication of state officials' faith in the potential of ARVR technology. Many other governmental entities have quickly followed in Odisha's footsteps, a development with significant ramifications for both consumers and producers.

AR & VR Future in India

India will have a massive 700 million Internet users by 2021, up from just 30 million in 2011. State-sponsored digital initiatives are creating the conditions for investors and entrepreneurs to take a risk, together with the rising awareness of AR/VR technology and the enhanced ease of doing business in the nation. There are 250 AR/VR startups in the country right now, and there will be many more. Proptech, Edutech, and virtual conferencing are among the many industries they offer services in.

Offerings like NextMeet are bridging the vacuum left by video conferencing technologies, particularly in the virtual events and conferencing area. These mass-market products are a perfect illustration of how a vibrant startup ecosystem can encourage user-centric innovation across disciplines by completing the immersive experience of a VR-compatible 3D platform with spatial audio and avatar-based UI.

State governments are attempting to position themselves as leaders of the AR/VR revolution as market rivalry intensifies. These developments are giving consumers more control by presenting them with more alternatives and chances every day. In India, it is a thrilling moment to be an ARVR lover, all things considered.