As of 2023, quantum computers haven't been able to outperform classical computers in real-world applications. Although existing quantum computers may accelerate solutions to specific mathematical problems, they do not provide a computational advantage for practical tasks. Many tasks show no potential for useful quantum speedup, and certain activities are proven to resist any quantum acceleration due to established theorems. Scientists and engineers are actively exploring diverse technologies for quantum computing hardware in the pursuit of scalable quantum architectures. However, major challenges still impede progress in achieving this goal.

Despite this, the quantum technology industry has experienced major growth and investment, with 2022 being a record year for funding. According to a Mckinsey report, investments in quantum technology start-ups reached $2.35 billion, a 1% increase from 2021. Established start-ups attracted huge funding, with four of the largest deals in the 2000s closing last year. Key players in hardware also received hefty investments, contributing to the industry's capital-intensive nature.

Despite the increased funding, the rate of new start-up creation slowed, with only 19 quantum technology start-ups founded in 2022 compared to 41 in 2021. This suggests that more investments are flowing into established companies than new ventures. Established companies have been the focus of large deals, particularly in hardware. The public sector also continued its commitment, with the US investing an additional $1.8 billion, the EU committing $1.2 billion, and Canada contributing $100 million. China remains the country with the largest investment in quantum technology, with a total announced investment of $15.3 billion. China also leads when considering quantum patents by country.

Quantum computing's importance spans sectors like climate change, manufacturing, biotechnology, and artificial intelligence.

India's Quantum Leap

India’s ₹6,000-crore quantum mission, announced in April this year, will be put in motion. Adopting quantum technologies is not a choice any longer—today, it is a question of getting in at the earliest. For example, a traditional supercomputer will take 100 trillion years to break 128-bit encryption code. Quantum computers will take only a fraction of (this) time to do this. Post-quantum cryptography is an enormously important field, and India is bound to be investing here, because if one has a 50-qubit or higher quantum computers, it will not take long to break codes.

The economic potential of quantum computing, and the impact on global digital economies, are staring at India—this is crucial in terms of geopolitical strategies. Hence, it is required how quantum computing can be applied in our business and governance models.

Indian use cases are developing too—a quantum key distribution (QKD) link between Sanchar Bhavan and NIC headquarters in Delhi has been live since earlier this year. This enables transmission of data through quantum communications networks over 150-200 km, but going forward, India needs to do it across 2,000 km. Other entities experimenting with quantum repeaters and related technologies include IIT-Madras, C-DAC and more.

The National Quantum Mission was announced on 19 April by union information and broadcasting minister Anurag Singh Thakur and minister of state for science Jitendra Singh. With a budget of ₹6,003.6l5 crore over eight years it aims to develop 50 to 1,000 qubits of quantum computing hardware, 2,000 km of quantum communications network, and foster a domestic ecosystem of quantum research.

India's National Quantum Mission (NQM) aims to develop quantum computers with 50-1,000 physical qubits by 2031. The NQM also aims to make India a leader in quantum technologies and applications. 

The NQM Will Focus On: 

Developing magnetometers with high sensitivity in atomic systems
Developing atomic clocks for precision timing, communications, and navigation

Some of the best quantum computing research institutes in India include: 

Centre for Development of Advanced Computing (C-DAC)
Raman Research Institute (RRI)
International Institute of Information Technology (IIIT), Hyderabad
Harish-Chandra Research Institute
Indian Space Research Organisation (ISRO)
Defence Research and Development Organisation (DRDO)
TATA Institute of Fundamental Research (TIFR), Mumbai
Indian Institute of Science Education and Research (IISER), Mohali
Some other quantum computing companies include: 

Toshiba, Quantinuum, Intel, Baidu, Atos, Alibaba, Amazon, Microsoft

India is the sixth country to have a dedicated quantum mission. The other countries are the US, Austria, Finland, France, and China.

The Uttar Pradesh Government has recently collaborated with Innogress on the Indraprastha Quantum Data Centre (IQDC) in Greater Noida. In partnership with GAN Tech UK, the project targets the development of a million-qubit-powered quantum computer, which is a substantial progression from current quantum leaders. With an estimated investment of $300-500 million, the initiative positions India as one of the leading countries in quantum computing.