Juergen Hase, a telecom industry vet and CEO of Reliance Group's internet of things unit — Unlimit — thinks India is positioned to become a global leader in the industry in the next 2-3 years, according to Entrepreneur India.

The growth of Internet of things companies in India is projected to reach $15 billion by 2020 thanks to the increased adoption of the technology across sectors like manufacturing, automotive, transportation and logistics, according to India's Economic Times. Hase says that those businesses will likely further capitalize on the accelerating growth by linking up with India's rising startups. He highlights 3 trends in India that back up these claims:

  1. Aggressive startups: Hase explains how startups are on the rise in India, especially among the younger generations. He added that almost all of India's innovation is coming from these startup companies.
  2. Strong demand: India's focus on megacities will invoke demand for IoT technology in all sectors. "This demand is being met by the government's push for investments in key projects like the public transport system."
  3. Technological Advancement: India is price sensitive and looking to implement cheaper, low-powered technology. If India achieves their IoT target in the next five years, the country would largely benefit on exports.

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Updated 2 hours ago - World

Pandemic plunges U.K. into "largest recession on record"

The scene near the Royal Exchange and the Bank of England in the City of London, England. Photo: Tolga Akmen/AFP via Getty Images

The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.

Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.

Updated 2 hours ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

The United Kingdom slumped into recession on Wednesday, as its gross domestic product GDP shrank 20.4% compared with the first three months of the year.

By the numbers: Over 741,400 people have died of the novel coronavirus globally and more than 20.2 million have tested positive, per Johns Hopkins. Almost 12.6 million have recovered from the virus.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,294,091 — Total deaths: 741,420— Total recoveries: 12,591,454Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,141,207 — Total deaths: 164,537 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. States: Georgia reports 137 coronavirus deaths, setting new daily record Florida reports another daily record for deaths.
  4. Health care: Trump administration buys 100 million doses of Moderna's coronavirus vaccine.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. Sports: Big Ten scraps fall football season.
  7. World: Anthony Fauci "seriously" doubts Russia's coronavirus vaccine is safe