As we aspire to become a global leader, we need to modernize ourselves rapidly. Hence, we should also increase our per-capita income rapidly. If we need to create a Silicon valley in India, we need to invest massive amounts of resources. As a result of which culture of innovation and iconoclastic attitude is created that storms the world with a harlequin of ideas. Expecting ROI within such a short time is a bad idea.
Rome was not built in a day. We need to create autonomic institutions which function independently of the changing reigns. Why not create a Venture capital fund that funds AR/VR companies that try to improve lives of the common man? I am not talking about a carrot and stick ideology. But,credit and incentives do motivate people to create something with a greater purpose than just quarterly earnings. We can also conduct competitions to bring out of the box ideas (Self-driving cars took off after a competition by USA department of defense in 2006).
Role of the Government in AR/VR
The Government should let go of its hesitations. It should invest in the new age technologies of the day like VR/AR. It can be a win-win situation for all the stakeholders involved. Widespread usage of VR in education and other sectors might change the way we read/write. Not only that, it creates a medley of jobs in many sectors which is a really good thing. A lot of people in India are dirt poor. Having said that it should be a motivating factor for the government to invest in AR/VR. As a result of which people can leapfrog technologies. Also, to get out of poverty.
A lot of things we take for granted once started as projects that were under Government funding including the internet you use to read this article right now. Not many people realize the power of research, unexpected discoveries from funding institutions like DRDO and ISRO have reaped great dividends. Allocating adequate funds to AR/VR startups will also incentivize start-ups to stay within the country and not go overseas in search of better pastures.