Innovation, sustainability to fuel transformative phase: Accel’s Prashanth Prakash

As India moves forward into the forefront of technological evolution, we reflect on its strides in IT, mobile, fintech and feel confident that 2024 stands poised for transformation. We believe that the nation will focus on central tenets of AI and manufacturing, emphasising green energy as the engines for growth. India’s economy is undergoing a transformation — shifting away from a service-centric model towards product innovation and manufacturing. This revolution is attracting the best talent to AI while harnessing the strength of the country’s labour force.

We anticipate advancements in AI, driven by the breakthrough of GenAI. Leveraging the world’s biggest developer base, we’ll create solutions targeting the West in software development and business-tobusiness (B2B) applications. Simultaneously, in Bharat (65% population, $500 billion annual consumption), sectors such as edtech and healthcare will embrace and democratise access to best-in-class solutions using AI.

India’s manufacturing sector is poised to undergo a seismic shift, redefining paradigms as it aims to become a $300-billion sector. As Indians gain confidence in our infrastructure, ability to serve, we anticipate increased investment in the form of Manufacturing as a Service (MaaS). A tech-driven platform overlaid on fully integrated vertical manufacturing value chains, MaaS can extend and expand the South (Southeast Asia, GCC) using disaggregated supply chains, with tech.


A core sector where India will see investments and accumulation of talent is in renewables and EVs, positioning itself as one of the leaders of the global south in solar, wind and EV manufacturing.

The demographic advantage represented by India’s youthful, skilled workforce will play a pivotal role in shaping the landscape of manufacturing. As 2024 begins, India stands ready for a transformative phase driven by innovation, sustainability and global influence.