A report by Dublin-based consultancy Accenture in conjunction with India’s National Association of Software and Services Companies has revealed that Israel and India could unlock up to £20 billion in revenues by 2025.
The study came out as Indian Prime Minister Narendra Modi visited Israel last week to celebrate 25 years of diplomatic relations between the two countries.
During Modi’s three trip to Israel, the ties between the two premiers and between New Delhi and Jerusalem were hailed for their warmth.
While the two countries already enjoy strong defence ties, with Israel selling to India over £1 billion in arms annually, Netanyahu and Modi inked deals to boost cooperation on satellite technology, water and agriculture, as well creating a $40 million innovation fund.
The study calls for the creation of the Israel India Start-up Platform for Innovative Research and Entrepreneurship (or IINSPIRE), a program that will build upon a combination of India’s software talent pool and product development abilities with Israel’s “chutzpah,” hardware engineering talent and deep technology knowledge.
The report said: “Israel has built strong capabilities in technology, intelligent systems, defence and cybersecurity, and is setting global standards in areas such as artificial intelligence (AI) and machine learning. India, meanwhile, has a large domestic market, a large public sector, big corporations, strong IT services and an expanding landscape of product start-ups”.
Marking Modi’s visit, CFI Honorary President Lord Polak CBE and founding Chairman of CF India Lord Popat met last week with Israeli Ambassador H.E. Mark Regev and Indian High Commissioner H.E. Y.K. Sinha to celebrate trilateral ties between the UK, Israel and India.