<p>In 2024, we saw technology profoundly redefine industries, societies, and the global economy. This year, groundbreaking advancements emerged in AI, health-tech, renewable energy, and connectivity, with India and the world navigating unique opportunities and challenges. The year also underscored the importance of focusing on productivity over outdated narratives like the 70-hour work week. Instead of glorifying long hours, we should celebrate innovations that allow us to achieve more in less time, fostering a balance between efficiency and well-being. From AI’s seamless integration into our lives to breakthroughs in health-tech and sustainability, 2024 has been decisive in setting the stage for a future where innovation drives both progress and quality of life. How did the year unfold and what lies ahead?</p>.<p><strong>Generative AI – From hype to reality:</strong> Generative AI (Gen AI) dominated the tech discourse in 2024. Globally, companies like NVIDIA thrived, propelled by leadership in AI technologies, while startups grappled with finding monetisable niches amidst the hype. In India, the noise around Gen AI made it difficult for emerging players to differentiate themselves, especially against well-funded global competitors. AI’s promise lies in its seamless integration into everyday applications. In Bengaluru, startups are leading with Agentic AI (AI that completes specific tasks autonomously), applying it to enhance video content, automate simple factory quality checks, gamify incentives for fleet drivers, and optimise rice farming. This shift from standalone tools to embedded solutions signals a promising long-term trajectory for AI.</p>.<p><strong>AR and VR –</strong> The future of screens: Augmented Reality (AR) and Virtual Reality (VR) gained attention, with Meta’s ‘Project Orion’ AR glasses and Apple’s innovations in smart home ecosystems. However, these technologies still cater largely to gamers and tech enthusiasts rather than industrial users or serious film buffs. In the future, AR and VR are expected to evolve into one of many screen options, coexisting with traditional displays and offering tailored experiences. For now, they remain exciting technologies searching for broader utility.</p>.<p><strong>Health-Tech –</strong> Promise and Bottlenecks: Health-tech continued to make strides in 2024, particularly in AI-driven drug discovery, which significantly shortened the time to identify promising compounds. Yet, systemic bottlenecks persist, especially around regulatory approvals for animal and human trials. Globally, organ-on-chip technology is emerging as a promising alternative, but adoption remains slow. I recently attended an MIT Alumni Angels meeting, where startups showcased health-tech innovations poised to address critical challenges. The products included a non-invasive nanofluid breathing aid and advanced regenerative biomaterials for oxygen delivery, a device for liquid biopsies and improved brain drug delivery, and a novel positional therapy for obstructive sleep apnea.</p>.<p>Similarly, in India, startups must prioritise addressing domestic issues such as anaemia in women, chronic obstructive pulmonary disease (COPD), mental health, and diabetes management. India’s diverse demographics and unique healthcare challenges position it as a potential global hub for health-tech innovation.</p>.<p><strong>Climate adaptation –</strong> A global priority: The world faced record heat waves and erratic weather patterns, underlining the urgency of climate adaptation. The focus shifted from slowing climate change to coping with its impacts. Investments in climate-resilient infrastructure and precision agriculture took precedence. In India, startups are leveraging AI and IoT to create water conservation systems and climate modelling tools. Globally, advancements in renewable energy technologies, particularly solar and battery innovations, are accelerating the transition to cleaner energy. Despite these strides, the pace of climate change continues to outstrip the speed of technological and policy adaptations.</p>.<p><strong>India’s Talent Advantage in the AI Race:</strong> As global demand for AI talent surges, India has a unique opportunity to lead. Bengaluru, with its rich ecosystem of startups and educational institutions, is well-positioned to attract and nurture top talent. Earlier this year, as IET President, I had highlighted that India’s young, skilled workforce and burgeoning startup ecosystem gives it a critical edge in the global AI talent war. Investments in upskilling, research, and international collaborations will be essential to capitalise on this opportunity. With a strategic focus, India can become a global AI talent and innovation hub.</p>.<p><strong>Looking Ahead to 2025:</strong> The year 2025 holds significant promise for India and the world. Generative AI will disappear into applications and be seamlessly embedded into industry processes and tools. Health-tech innovations will continue pushing the boundaries of personalised medicine while climate adaptation technologies scale rapidly.</p>
<p>In 2024, we saw technology profoundly redefine industries, societies, and the global economy. This year, groundbreaking advancements emerged in AI, health-tech, renewable energy, and connectivity, with India and the world navigating unique opportunities and challenges. The year also underscored the importance of focusing on productivity over outdated narratives like the 70-hour work week. Instead of glorifying long hours, we should celebrate innovations that allow us to achieve more in less time, fostering a balance between efficiency and well-being. From AI’s seamless integration into our lives to breakthroughs in health-tech and sustainability, 2024 has been decisive in setting the stage for a future where innovation drives both progress and quality of life. How did the year unfold and what lies ahead?</p>.<p><strong>Generative AI – From hype to reality:</strong> Generative AI (Gen AI) dominated the tech discourse in 2024. Globally, companies like NVIDIA thrived, propelled by leadership in AI technologies, while startups grappled with finding monetisable niches amidst the hype. In India, the noise around Gen AI made it difficult for emerging players to differentiate themselves, especially against well-funded global competitors. AI’s promise lies in its seamless integration into everyday applications. In Bengaluru, startups are leading with Agentic AI (AI that completes specific tasks autonomously), applying it to enhance video content, automate simple factory quality checks, gamify incentives for fleet drivers, and optimise rice farming. This shift from standalone tools to embedded solutions signals a promising long-term trajectory for AI.</p>.<p><strong>AR and VR –</strong> The future of screens: Augmented Reality (AR) and Virtual Reality (VR) gained attention, with Meta’s ‘Project Orion’ AR glasses and Apple’s innovations in smart home ecosystems. However, these technologies still cater largely to gamers and tech enthusiasts rather than industrial users or serious film buffs. In the future, AR and VR are expected to evolve into one of many screen options, coexisting with traditional displays and offering tailored experiences. For now, they remain exciting technologies searching for broader utility.</p>.<p><strong>Health-Tech –</strong> Promise and Bottlenecks: Health-tech continued to make strides in 2024, particularly in AI-driven drug discovery, which significantly shortened the time to identify promising compounds. Yet, systemic bottlenecks persist, especially around regulatory approvals for animal and human trials. Globally, organ-on-chip technology is emerging as a promising alternative, but adoption remains slow. I recently attended an MIT Alumni Angels meeting, where startups showcased health-tech innovations poised to address critical challenges. The products included a non-invasive nanofluid breathing aid and advanced regenerative biomaterials for oxygen delivery, a device for liquid biopsies and improved brain drug delivery, and a novel positional therapy for obstructive sleep apnea.</p>.<p>Similarly, in India, startups must prioritise addressing domestic issues such as anaemia in women, chronic obstructive pulmonary disease (COPD), mental health, and diabetes management. India’s diverse demographics and unique healthcare challenges position it as a potential global hub for health-tech innovation.</p>.<p><strong>Climate adaptation –</strong> A global priority: The world faced record heat waves and erratic weather patterns, underlining the urgency of climate adaptation. The focus shifted from slowing climate change to coping with its impacts. Investments in climate-resilient infrastructure and precision agriculture took precedence. In India, startups are leveraging AI and IoT to create water conservation systems and climate modelling tools. Globally, advancements in renewable energy technologies, particularly solar and battery innovations, are accelerating the transition to cleaner energy. Despite these strides, the pace of climate change continues to outstrip the speed of technological and policy adaptations.</p>.<p><strong>India’s Talent Advantage in the AI Race:</strong> As global demand for AI talent surges, India has a unique opportunity to lead. Bengaluru, with its rich ecosystem of startups and educational institutions, is well-positioned to attract and nurture top talent. Earlier this year, as IET President, I had highlighted that India’s young, skilled workforce and burgeoning startup ecosystem gives it a critical edge in the global AI talent war. Investments in upskilling, research, and international collaborations will be essential to capitalise on this opportunity. With a strategic focus, India can become a global AI talent and innovation hub.</p>.<p><strong>Looking Ahead to 2025:</strong> The year 2025 holds significant promise for India and the world. Generative AI will disappear into applications and be seamlessly embedded into industry processes and tools. Health-tech innovations will continue pushing the boundaries of personalised medicine while climate adaptation technologies scale rapidly.</p>
