Republic Business announces RBETA 2024; Celebrating India’s tech innovation story

Republic Business Emerging Technology Awards: India's development of a "world-class digital public infrastructure" serves as a model for other nations undergoing digital and tech transformation, according to a working paper by the International Monetary Fund (IMF). It was exactly a year ago, when Luis E Breuer, IMF Senior Resident Representative to India, tweeted that India's digital public infrastructure is transforming people's lives and has lessons for many countries. 

The great Indian tech story is evident in the numbers, the UPI transaction volume rose from 4 billion in 2014 to 84 billion in 2023, the internet penetration penetration of the internet in India’s rural areas grew an impressive 200 per cent between 2015 and 2021, around 156 million 5G users are there in India as of Jan 2024. 

To celebrate India’s phenomenal digital and tech growth story, and the architects behind it, Republic Businesss announces its inaugural edition of RBETA. RBETA will recognise excellence in the world of emerging technologies across businesses, and acknowledge the leaders, visionaries, and disruptors, shaping India’s digital and tech transformation. 

The internet penetration in the country is touching an all-time high, and the mobile data tariffs declining from Rs 269/GB in 2014 to Rs 10.1/GB in 2023, India has come a long way in enabling its population with the power of democratic access to technology. With rising literacy, and expanding digital infrastructure, there is immense potential for India to take the digital growth story to the next level. 

Internet penetration in India since 2000 | Image credit: Datacommons 

Prime Minister Narendra Modi’s Mission Digital India has laid the foundation on which the nation’s new-age governance is being built and being built strong. From FinTech to space technology, India is acing at technology at all fronts and our businesses are competing among the best globally. 

The fintech industry in the country, which caters to millions of Indians daily, has seen unprecedented innovation and adoption in the country. Securing more than $34 billion in funding in the last 8 years, India’s fintech startups have emerged to become some of the 113 unicorns in the country. 

The ease of use and accessibility of United Payment Interface (UPI) enabled intuitive payment interfaces to take their place in India’s growing digital payment infrastructure and empowered the end user to embrace the latest technology. The total value of digital payment transactions done via UPI in FY 2022-23 was more than Rs 190 lakh crore which underlines the scale that the fintech industry has been able to achieve. 

To celebrate the success of Fintech innovation, RBETA will recognise the organisational efforts under the Fintech category. 

Along with Fintech, RBETA will also have a Banking and Finance category to laud the transformation of India’s banking sector. Not only the digital economy, technology has an equally crucial part to play in the country’s healthcare ecosystem. 

According to the World Health Organisation, non-communicable diseases cause 41 million deaths annually, constituting 74 per cent of global fatalities amid which the digital health market is expected to reach a revenue of $193.70 billion by 2024-end. By 2028, the market will cross the mark of $275 billion with a CAGR of 9.16 per cent, according to Statista market insights. 

Amid the surge, India’s health tech industry is expected to reach $50 billion by 2033, according to CII’s Health Tech India 2025 report. The surge will not only tap the widely unexplored market but also enable technology to directly improve the lives of 1.4 billion Indians. RBETA 2024’s Health Tech category will celebrate the change makers in this domain and recognise their efforts to contribute towards India’s digital healthcare infrastructure. 

The Indian ed-tech market had total revenues of $4.3 billion in 2022, representing a compound annual growth rate (CAGR) of 16.8 per cent between 2017 and 2022, according to India EdTech Market Summary report by Global Data. The Education & Skill Development category of RBETA 2024 will commemorate the trailblazers of India’s ed-tech for creating the value where it is needed the most. 

Emerging tech is already disrupting established industries including education, technology, retail, consumer tech, media consumption, and self-care, and creating new industries such as Electronic Vehicles, quick commerce, decentralised finance, renewable energy, space tech, virtual reality, cybersecurity, and biotechnology. 

RBETA 2024 will feature categories from all spectrums of technology including Logistics & Transportation, Electronics & Gadgets, Home & Lifestyle, Travel & Tourism, Real Estate, Banking & Finance, Education & Skill Development, Automobiles, E-Commerce & Retail, and more. 

Participation criteria for RBETA 2024 

Ernst and Young, serving as the process advisors, has established specific participation criteria for organisations seeking recognition in Republic Business Emerging Technology Awards 2024. 

To qualify, organisations must have a presence in India and specialise in the implementation of digital and technology solutions aimed at improving customer experiences and resolving customer issues. 

Furthermore, they must have been legally incorporated and actively operating within India for a minimum of two full years by December 31, 2023. The solutions, projects, or technologies presented must have been effectively implemented or operational between January 1, 2019, and December 31, 2023, with demonstrated functionality and integration into existing business operations. 

Initiatives or projects must be beyond the prototype or work-inprogress stage, having been fully implemented, published, or deployed. Additionally, organizations are required to furnish their incorporation certificate as part of the submission process. 

To know more about Republic Business Emerging Technology Awards 2024 click here. 

To be a part of RBETA 2024, click here.