With trade tensions and visa hurdles mounting, India finds itself at an inflection point. For years, the country has been the world’s IT services capital, delivering vital technological support to global enterprises. But as protectionism rises abroad, India has a chance to chart a different path. Instead of simply being a services-led economy, India is well-positioned to become a true product nation where new digital technologies are conceived and built.
The talent and ecosystem required to power this transformation already exist. What’s needed now is the courage and resolve to move from vision to action – to turn ideas and prototypes into practical products and solutions that can deliver impact at scale. It’s time for companies across the country to embody the vision of ‘Make in India for the world’.
This is India’s Moment
Despite punitive tariffs, India remains a bright spot in an otherwise turbulent world economy. The International Monetary Fund (IMF) raised the country’s economic growth forecast from 6.4% to 6.6% for 2025-26, while lauding its role as a key global growth engine.
Many factors have contributed to this growth – robust economic reforms, strong domestic consumption, and a demographic dividend. While countries like the US and China are grappling with fast-graying populations (their median ages are 38.5 and 40.1 years, respectively), India’s population remains one of the youngest in the world with a median age of just 28.8 years.
There’s no shortage of talent in the country either. India produces over 1.5 million engineering graduates annually, making it one of the largest technical talent pipelines in the world. Its IT industry is also booming with revenues estimated to reach $283 billion in FY2025, an addition of nearly $14 billion over last year.
These numbers tell the story of a country that’s poised to shape the next chapter of global tech.
Becoming an Innovation Powerhouse
India has already proven its mettle at building rockets that reach the moon, missiles that strike with precision, and solar parks that rank among the largest in the world. Now, it’s time to extend that ambition to software development.
The foundations are firmly in place. India’s digital public infrastructure is one of the world’s largest and most inclusive. In August alone, the Unified Payments Interface (UPI) processed a record 20 billion transactions worth Rs 25 lakh crore.
Meanwhile, Aadhaar and the Open Network for Digital Commerce (ONDC) seamlessly connect people, businesses, and government services in one ecosystem. Together, they provide the building blocks for entrepreneurs to innovate at scale.
India’s 1,700 global capability centers (GCCs) are also witnessing tremendous innovation. Many of these GCCs, which were once low-cost hubs for back-office operations, now own end-to-end product development cycles for the world. They’re designing AI models, spearheading digital transformation programs, and running cybersecurity operations on a global scale.
The shift towards developing proprietary solutions is reflected in India’s intellectual property (IP) landscape where patient activity has surged in recent years. India is currently the 5th largest contributor to worldwide patent filings. It also has the fastest growth rate of patent grants at 149.4%.
To top things off, India is home to the world’s third-largest startup ecosystem – a hotbed for new ideas and entrepreneurs.
With nearly 50% of startups emerging from tier-2 and tier-3 cities, innovation is no longer confined to urban hubs. New-age startups are increasingly solving hyper-local challenges. For example, agritech startups are using AI to help farmers improve crop yields. Fintech firms are improving last-mile access to credit. And healthtech companies are taking quality medical care to remote areas through teleconsultations and wearables.
India now has over 1.61 lakh startups and 118+ unicorns, making it an attractive destination for investors and corporates alike. The country’s 150+ native AI startups have raised more than $1.5 billion since 2020. New sectors such as deeptech, spacetech, and electric vehicles (EVs) are also emerging as strong frontiers of innovation. All of this underscores India’s readiness to become a bona fide product nation.
greytHR’s Story: Building HR Solutions in India for the World
In 1994, when India was riding the IT services wave, two entrepreneurs set out to do something different – build digital software in India for India. Sayeed Anjum and Girish Rowjee established Greytip Software (now known as greytHR) to address the unique HR challenges faced by India’s small and medium-sized businesses (SMBs).
Back then, SMBs had virtually no access to reliable and affordable HR software that could address the complexities of local labor laws and salary structures. Critical HR processes were managed manually on spreadsheets. Payroll, recruitment, and training were handled by different vendors with little or no integration between them.
greytHR changed all that with an HR product that’s intuitive, affordable, and deeply attuned to India’s realities. The cloud-native HRMS platform simplifies the entire employee lifecycle – from recruitment and onboarding, to payroll, attendance, compliance, engagement, performance, and exit. Automated compliance updates keep companies audit-ready, while an AI-powered chatbot gives employees instant answers to HR queries, 24/7.
greytHR has also evolved to now serve organizations of all sizes, across the world.
No more do businesses have to worry about calculating TDS, generating payslips, or updating attendance records manually. Everything happens in a few simple clicks.
greytHR frees up time that SMB owners can spend on growth and innovation. It also builds trust with employees through timely salaries, clear policies, and transparent communication.
Today, greytHR serves over 30,000 companies across 25 countries. We support three million employees, and process $23 billion in salaries each year. We’ve also built a strong HR ecosystem that extends beyond our platform. greytHR Academy, Parichay webinars, greytribe community, and the greytFM podcast support HR professionals worldwide with compelling learning and insights.
Throughout our 30+year journey, we’ve recognized what’s possible when Indian talent, technology, and tenacity come together. We’re living proof that products built to solve local challenges can stand strong on the global stage. As we scale across more countries, our purpose remains the same: to simplify HR, and demonstrate that meaningful innovation can start right here at home.
Learn how greytHR can help you innovate and grow faster by eliminating the heavy-lifting in HR.
