Quantum computing could add $310 billion to Indian economy by 2030

The quantum computing market in India is expected to contribute $310 billion to the Indian economy by 2030, according to a Nasscom report.

The quantum computing market is expected to reach a critical maturity level between 2026-2027. What this means is that the market will see high technology readiness, along with products that are more fault-tolerant.

Among the sectors with the highest uptake are expected to be the manufacturing, high-tech, banking and defence sectors for large scale use cases.   

But what exactly is quantum computing? It is a field that covers physics and engineering and leverages quantum mechanical properties. It delves into the mechanics of light and matter at the atomic and sub-atomic level, hence has the capability to solve complex engineering problems. 

Also read: 69% cos have adopted or plan to adopt Quantum Computing in future

Most of the quantum computing projects currently under development have been taken up by the government these include the lies of the Quantum Enabled Science and Technology (QuST) and the National Mission on Quantum Technologies and Applications (NMQTA).  

The QuST program aims to produce about 100 PhD students in quantum computing, and train 2000 individuals in advanced algorithm and application development using quantum systems by 2024.   

During the 2020 Budget, the government announced that over the next five years it plans to invest close to Rs 8,000 crore to better the market for quantum information and meteorology, quantum applications as well as quantum communications. By 2026 India is also expected to house a quantum computer with about 50 quantum bits of power.    

In September last year, the Ministry of Electronics and Information Technology (MeitY) also launched the Quantum Computer Simulator Toolkit, to help academicians, industry professionals, students and the broader ecosystem with an environment for quantum development.