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MeitY Startup Hub and Meta collaborate to accelerate XR Technology Startups

  • Published
    13th Sep, 2022
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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