India to Become $1-Trillion-Dollar Digital Economy by 2024: Ravi Shankar Prasad

Union Minister for Electronics & Information Technology and Law & Justice Ravi Shankar Prasad said that India was well set to become 1-trillion-dollar Digital Economy in next seven years.

Addressing a high-level consultation with the industry leaders from IT and ITeS sector with focus on digital financial services and e-commerce, organised by the Ministry of Electronics & Information Technology (MeitY), Mr Prasad said that it rather looked an easy target, however, the challenge would be to reach this target in 3-4 years.

He appealed to the industry to join hands with the Government which is firmly believes in openness, supportive and proactive approach.

He said, “India is committed to take lead in the ongoing digital revolution in the world and I would appreciate industry’s participation and support in this mission. Through such discussion, we aim to seek contribution and participation of the private sector as we stride forward to make India a truly global Digital economy.”

“The motto of the Government lead by the Prime Minister Narendra Modi is to reform, perform and transform. Digital India is enabling technological empowerment that is bridging the gap between haves and have nots. India’s digital story is the story of a low-cost world class technology that is being hailed across the globe,” Mr Prasad said.

“I am very proud of the Indian IT Sector and I strongly believe that IT, ITeS, Ecommerce and financial services sectors will play a vital role to realise our aspirations of becoming a 1-trillion-dollar digital economy. The trinity of JAM (Jan Dhan, Aadhaar and Mobile) and Digital Payment (DigiDhan) would also prove to be the biggest drivers of digital economy in the country.” Added Mr Prasad.

He also announced that the Government would come out with new electronic and software product policy and a framework for data security and protection policy. Additionally, a GST Cell would be set up in the Ministry of Electronics and Information Technology.

He further said that there was no threat of job losses in the IT Sector. The Government as well as the industry remained upbeat about the IT Sector, as over 6-lakh of IT jobs were created in last 3 years.

Speaking on the occasion, Aruna Sundararajan, Secretary, MeitY said that the engagement with industry leaders will show the way forward to the 1Trillion dollar Digital Economy.

The Ministry of Electronics & Information Technology (MeitY) had organised this high-level consultation with the industry leaders from IT and ITeS sector with focus on digital financial services and e-commerce. The consultation was conducted for developing the roadmap for One Trillion Dollar Digital Economy in India.