Quantum Leap or Quantum Leap of Faith?

India is on the brink of a quantum leap, as industries from finance to healthcare begin to explore the transformative power of quantum computing. With the capability to perform calculations at speeds unimaginable with classical computers, quantum technology is not just a futuristic concept—it’s becoming a practical tool for solving today’s most pressing challenges and unlocking new growth opportunities.

Quantum computing promises to revolutionize industries by addressing complex problems that classical computing struggles to solve.

By leveraging principles like superposition and entanglement, quantum computers can process massive amounts of data in parallel, unlocking unprecedented computational power.

Indian industries, particularly in banking, finance, manufacturing, automotive, and healthcare, are beginning to explore the potential of quantum technologies.

Understanding Quantum Computing

At the heart of quantum computing is the qubit, a quantum bit that leverages the principles of superposition (the ability to exist in multiple states simultaneously) and entanglement (interlinking qubits in such a way that the state of one qubit affects the others). These properties enable quantum computers to handle tasks with exponentially greater speed and efficiency than classical computers.

"The potential of quantum computing to disrupt industries is widely recognized, particularly in sectors like IT, banking, and manufacturing." - Shashank Saxena, Director at India Consolidated Pvt. Ltd.

Quantum Mechanics Basics: Superposition, Entanglement, and Interference

Superposition: Qubits can exist in multiple states at once, allowing quantum computers to process several calculations in parallel.

Entanglement: Two qubits can become linked so that changes to one affect the other, even across great distances, enabling more complex computations.

Quantum Interference: This property allows quantum algorithms to enhance correct results while cancelling out incorrect ones, improving calculation accuracy.

These features allow quantum computers to solve problems related to optimization, cryptography, and simulation that would otherwise take classical computers impractical amounts of time to complete.

Quantum Computing in India:

Current Landscape

According to Madhusudan Murthy, Senior Vice President at GlobalLogic, there is growing awareness of quantum computing across Indian industries, particularly in banking, financial services, insurance, and automotive sectors.

The startup ecosystem is playing a key role in advancing quantum solutions. Additionally, industries are making significant investments to foster awareness and adoption of quantum technologies.

Indranil Mitra, Vice President at LTIMindtree adds that the National Quantum Mission (NQM) and quantum computing awareness initiatives by organizations like LTIMindtree, IBM, and startups are further driving quantum adoption.

LTIMindtree is actively building quantum capabilities through partnerships with IBM, D-Wave, and Quantum Xchange, developing Proof-of-Concepts (PoCs) for various industries. LTIMindtree has built a team of quantum researchers and formed collaborations with leading academic institutions to accelerate the journey from Quantum Awareness to Quantum Value.

"The decade ahead will mark a critical turning point for quantum technologies, making them more accessible and impactful across various sectors." - Indranil Mitra, Vice President at LTIMindtree

Shashank Saxena, Director at India Consolidated Pvt. Ltd., highlights that the potential of quantum computing to disrupt industries is widely recognized. IT, banking, manufacturing, and pharmaceuticals are at the forefront of exploring the technology for its problem-solving and optimization capabilities.

Government initiatives like the National Quantum Mission (NQM), alongside efforts from academic institutions and startups, are driving awareness in other sectors. Additionally, quantum threats, particularly the risk of ‘harvest now, decrypt later’ attacks on current cryptosystems, are gaining attention in sectors like BFSI and government agencies, where long-term data security is paramount.

Real-World Applications of Quantum Computing in India

Financial Services and Portfolio Optimization

Murthy emphasizes that the banking and financial services sector is leading quantum adoption, with applications in multi-currency conversions, high-value settlements, and real-time trade processing. These solutions offer improvements in speed and accuracy for complex financial transactions.

Saxena further explains that quantum computing is transforming the financial services industry. Quantum systems can optimize Monte Carlo simulations for risk management, enhancing financial forecasts. He highlights how portfolio optimization in investment management is benefiting from quantum computing, as seen in LTIMindtree’s Portfolio Optimization PoC. This PoC helped an investment company improve returns and process data faster while adhering to constraints.

Quantum Machine Learning (QML)

Mitra and Saxena both discuss the application of Quantum Machine Learning (QML) for solving complex data classification problems. LTIMindtree has used QML to enhance fraud detection, achieving significant reductions in false positives. These advancements have implications across financial services, risk management, and insurance applications.

Automotive Industry

In the automotive sector, Murthy notes that quantum computing is expected to enable real-time decision-making and algorithm development for advanced features in future vehicles. Quantum computing’s ability to process vast datasets in real-time will reduce the time needed for field tests and product enhancements, leading to faster product development cycles. Saxena adds that quantum algorithms are also helping the automotive and manufacturing sectors by optimizing supply chain management, resource scheduling, and logistics, making operations more efficient.

Quantum Cryptography and Cybersecurity

With the rise of quantum threats, particularly to traditional encryption methods, Mitra emphasizes the importance of quantum-safe cryptography. LTIMindtree has developed a Quantum-Safe Virtual Private Network (VPN) to address the risk of ‘harvest now, decrypt later’ attacks. This technology will be crucial for ensuring long-term data security, especially in sectors that handle sensitive information like finance and government.

Challenges in Quantum Computing Adoption

Quantum computing adoption faces several obstacles, as highlighted by Murthy, Saxena, and Mitra:

Talent Shortage: Mitra and Saxena agree that India faces a shortage of professionals with the expertise required to develop and manage quantum technologies. Mitra notes that this challenge is global, but India must build a larger pool of quantum talent to drive further adoption.

Technology Maturity: Mitra points out that quantum computing is still in the Noisy Intermediate Scale Quantum (NISQ) era, meaning practical large-scale applications are still years away. Industries may be hesitant to invest heavily until quantum computing reaches greater maturity.

High Costs and Complex Infrastructure: Saxena emphasizes that quantum computing requires significant infrastructure investments, which may act as a barrier for many organizations. Murthy suggests that government and industry collaboration is necessary to reduce these infrastructure gaps.

Awareness and Understanding: Saxena highlights that while awareness is growing, a deeper understanding of quantum computing’s real-world applications remains limited, especially in non-technology sectors. Decision-makers need more detailed insights into how quantum computing can solve industry-specific problems.

Sectoral Impact of Quantum Computing

Financial Services

Murthy, Mitra, and Saxena all agree that the banking and financial services sector stands to benefit the most from quantum computing. It will revolutionize risk analysis, fraud detection, portfolio optimization, and cryptography. Quantum computing will allow faster and more accurate simulations of financial markets and better risk predictions.

Healthcare and Pharmaceuticals

Saxena emphasizes the potential for quantum computing to transform drug discovery and personalized medicine. Quantum computers can simulate molecular interactions at an atomic level, reducing the time required to develop new drugs. They could also enable breakthroughs in protein folding simulations, accelerating clinical trials and improving the precision of medical treatments.

Manufacturing and Supply Chain

Mitra highlights quantum computing’s potential in manufacturing by optimizing logistics, inventory management, and demand forecasting. These improvements will reduce operational costs, minimize waste, and increase efficiency in supply chain networks.

Cybersecurity

Mitra and Saxena discuss how quantum-resistant cryptographic solutions are essential to counter future quantum-based threats. Quantum-safe encryption will be critical for protecting sensitive data in cybersecurity, ensuring infrastructure and information security against quantum-enabled attacks.

"The excitement around quantum computing is palpable; it’s not just about technology—it’s about redefining the future of industries." - Madhusudan Murthy, Senior Vice President, GlobalLogic

Collaborations and Ecosystem Building

LTIMindtree’s Collaborations

Mitra emphasizes that LTIMindtree is collaborating with academic institutions like IIT-Madras, Oxford University, and Heriot-Watt University to advance research in quantum computing. These partnerships provide access to cutting-edge breakthroughs and help bridge the quantum talent gap.

LTIMindtree is also partnering with IBM, D-Wave, and Quantum Xchange to offer tailored quantum solutions for clients at various stages of their quantum journey. Through these collaborations, LTIMindtree accelerates the adoption of quantum technologies across industries.

Policy Framework and Government Support

India’s National Quantum Mission (NQM), with its significant budget and focused research hubs, is key to fostering quantum research and industrial development. Murthy, Saxena, and Mitra highlight the importance of public-private cooperation to drive quantum innovation. Saxena also mentions initiatives by IIT-Madras and IISc Bangalore that are helping to nurture talent and further India’s leadership in quantum technology.

Mainstream Adoption of Quantum Computing in India

Both Murthy and Mitra predict that quantum computing will achieve mainstream adoption in India by 2030. With growing investments and government support, industries such as finance, healthcare, and automotive are likely to lead the charge in adopting quantum technologies at scale. Shashank Saxena further elaborates that the rapid pace of advancements in qubit technology and the increasing availability of quantum hardware will expedite the transition from Proof-of-Concepts (PoCs) and prototypes to commercial applications.

By 2030, quantum computing is expected to move from its current experimental stage into mainstream industries, solving complex optimization and simulation problems that were previously impossible for classical computers. As Mitraemphasizes, LTIMindtree and other forward-thinking organizations are preparing for this shift by building quantum ecosystems, developing quantum-safe solutions, and collaborating with global partners.

The Next Decade and Beyond

Both Murthy and Saxena agree that the decade from 2030 onward will mark a critical turning point for quantum technologies. As quantum computing becomes more accessible, industries will benefit from its ability to optimize large datasets, accelerate drug discovery, enhance cybersecurity, and streamline complex industrial processes.

Saxena adds that global investments in quantum technologies—such as the $1.7 billion raised by quantum startups in 2021 and China’s $15 billion commitment to quantum research—underscore the growing recognition of quantum computing’s potential to unlock trillions of dollars in economic value by 2035.

Ushering in a Quantum Revolution

Quantum computing is on the verge of revolutionizing industries like banking, finance, healthcare, automotive, manufacturing, and cybersecurity. As India’s quantum ecosystem continues to grow, driven by government initiatives like the National Quantum Mission (NQM), collaborations with academic institutions, and investments from both the public and private sectors, the country is positioning itself as a global player in the quantum landscape.

Madhusudan Murthy, Shashank Saxena, and Indranil Mitra collectively highlight that while challenges remain—especially in terms of talent, infrastructure, and technology maturity—the Indian industry is well-prepared to capitalize on the transformative potential of quantum computing. Over the next decade, as quantum technologies mature and become more widely adopted, Indian businesses will be at the forefront of this technological revolution, unlocking new opportunities for growth, innovation, and competitive advantage.