WiMAX (Worldwide Interoperability for Microwave Access) is a technology that provides last mile wireless broadband access as an alternative to cable and DSL, governed by IEEE 802.16 standards. It is designed for outdoor use over long distances and complements Wi-Fi, offering enhanced quality of service and reliability. The document also discusses WiMAX's potential impact on markets like India, where it could significantly contribute to economic growth and facilitate broadband deployment.