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India poised to play key role in global economy
Network solutions major Verizon Business Group bullish about India's 5G prospects
New Delhi: India, which has one of the fastest-growing tech and telecom markets, is poised to play a key role in the global economy and future of technology and innovation, a senior official of Verizon Business Group has said. Robert Le Busque, Managing Director, Asia Pacific (APAC), Verizon Business Group said that the rising middle class, "almost unrivaled talent pool", commitment to research and development, and innovation has made India one of the world's strongest digital economies.
Verizon Business Group, a provider of IT, communications, security and network solutions to enterprises and governments around the world, is bullish about India's 5G prospects, given the transformational nature of the next-generation technology. "India has one of the fastest growing technology and telecom markets in the world and Verizon strongly believes that India has a key role to play in the global economy and future of technology and innovation," Busque said in an e-mail interaction.
On the 5G landscape, he said it would be truly transformational for the country. "Imagine what India's factories, manufacturing floors, airports, train stations, media and entertainment industries can achieve when 5G becomes ubiquitous," he said, underlining the impact of the next-generation technology on economy and businesses. "It's a private 5G network within a facility that will bring data transit speed to many times less than the blink of an eye eventually less than 10 milliseconds end-to-end response time. The possibilities are truly endless, which is why many countries are going all out to deploy this technology," Busque added.
In October, Verizon Business had announced the launch of an international private 5G platform for global enterprises located in Europe and the Asia-Pacific region. This would be delivered in partnership with Nokia, Busque said, adding that the offering will enable Indian businesses to deploy a private industrial grade dedicated 5G network capability within their premises. "In tandem, our existing portfolio of products around our managed network services, security and advanced communications (BlueJeans) all complement 5G - both public and private," he said.
India does not have 5G services currently, and the government is yet to allocate spectrum to telecom operators for running field trials. While telecom service providers and the industry are closely watching the space with keen interest, given the endless possibilities that 5G offers, a recent report by Motilal Oswal Financial Services had pegged investments in key components of 5G network on mid or low-band spectrum with pan-India coverage at about Rs 1.3-2.3 lakh crore. "We're always looking at mutually beneficial partnerships which we feel can add value to our customers and vice versa. We have a number of partnerships in India, for example with Bharti Airtel," Busque pointed out. Verizon operates three business units in India. Verizon Business Group offers a suite of managed network and security services together with advanced communications. It holds an internet service provider license, international and national long-distance licenses and a virtual network operator license. Verizon Media Group, on the other hand, works with global digital publishers and advertisers. Verizon India plays a critical role in both the development of next-generation technologies and the day-to-day operations of business, with technology hubs in Chennai, Bengaluru and Hyderabad.