Quantum technologies are result of 100 years of effort in understanding the nuances of the quantum world. While the first phase of quantum physics allowed us to understand the properties of matter around us, the ‘second quantum revolution’ that started around three decades or so ago, is ready to revolutionize the way we compute, communicate, and detect. With the overall federal investments exceeding 45 B$, many countries across the globe, including India, now have dedicated programs to develop quantum technology indigenously. In this session I shall explain some of the conceptual non-trivialities, promises, risks and economic impacts of the quantum technologies in the near and longer terms. The specific case of the Indian quantum ecosystem will also be discussed.