Digital economy can reach $4 trillion in 4 years: Tech sector to govt

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Union Minister for Electronics & Information Technology, Ravi Shankar Prasad chairing a high level Round Table with Pioneers of Industry for developing the roadmap for One Trillion Dollar Digital Economy of India, organized by MEITY, in New Delhi.

New Delhi: Surpassing the government’s expectations to make India $1-trillion digital economy by 2022, technology companies on June 16 said it has potential to grow up to $4 trillion during the period.
IT Minister Ravi Shankar Prasad, who chaired a meeting with industry captains to chalk out a growth plan, said the government will formulate a new set of strategies to support growth including a new electronics policy, software product policy and a framework for data security and protection.
“There was unanimity among all the participants that USD 1-trillion digital economy is an understatement. India has the immense potential to go to USD 2 to 3 to 4 trillion digital economy potential,” Law and IT Minister Ravi Shankar Prasad told reporters after meeting with top industry leaders.
The meeting was attended by top experts such as Nasscom President R. Chandrashekhar, Google India’s Rajan Anandan, Wipro’s Rishad Premji, Indian Cellular Association National President Pankaj Mohindroo, NIIT Chairman Rajendra Pawar and Hike Messenger CEO Kavin Bharti Mittal, among others.
Notable absentees from the event included Flipkart co-founder Sachin Bansal and Paytm founder Vijay Shekhar Sharma.
The government has projected that Indian digital economy will become $1 trillion by 2022 from around USD 450 billion digital economy at present.
As of now, the Indian electronics market is estimated to be around $100 billion, IT sector $150 billion, telecom $150 billion, e-commerce $30-40 billion and rest is estimated to be size of shared economy like taxi hailing services, start-ups etc.
It was also projected that the digital economy will generate 30 million employment opportunities by 2024-25, which is double than the current scenario.

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