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13th September 2022 (6 Topics)

MeitY Startup Hub and Meta collaborate to accelerate XR Technology Startups

Context

Ministry of Electronics and Information Technology (MeitY) Startup Hub in collaboration with Meta will launch a program to support and accelerate XR technology startups across India.

About

  • India is uniquely placed to play a pivotal role in the metaverse with a large talent pool of creators, developers and a vibrant technology ecosystem.
  • The world looks to it for supply technology, innovation and talent to cater to the greater demand for digital products. 
  • This collaboration is part of the Indian Government’s efforts for skilling in emerging and future technologies.

MeitY Startup Hub:

  • The MeitY Startup Hub is a national platform focused on promoting technology innovation, start-ups, and the creation of intellectual properties.
  • It was launched in 2019.
  • MeitY Startup Hub (MSH) aims to serve as an integrating platform for startups and incubators.
  • According to the government, it has supported more than 3,000 startups, with a vision to ramp it up to more than 10,000 in the next three to five years.

XR Technology:

  • Extended reality, or XR, is an emerging realm of technology that combines real and virtual environments.
  • Extended Reality (XR) is an umbrella term encapsulating Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), and everything in between.
  • The term is also used to refer to human-machine interactions generated through wearables and computer technology.
  • It includes representative forms such as augmented reality, mixed reality and virtual reality and the areas interpolated among them.
  • The term first popped up in the 1960s when Charles Wyckoff filed a patent for his silver-halide “XR” film, intended for photographing extremely bright light events, such as nuclear explosions.

Potential of XR

  • Globally, XR is poised to be a US$160 billion industry by 2023.
  • In India, the XR spending will exceed US$6.5 billion by 2022 from under US$2 billion in 2020 due to growing smartphone penetration—a key driving factor—which is expected to double during the same timeframe.

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