Tech tycoons said technological advances will explode 10 times faster than the Internet boom in the 1990s.

The tumble in global crude prices has been a big benefit for countries like India, which imports nearly four-fifth of its oil requirement. Apart from lower fuel prices and hence lower inflation, the Indian government's subsidy burden also eases significantly.

Bhattacharya said the new government has been looking at ways to get projects framed in a better manner.