Indian digital economy is poised to grow to an estimated $4 Tn by 2022, as per assessment of technology companies, said a recent report. The government had earlier assumed the growth to be about $1 Tn by 2022.
IT Minister Ravi Shankar Prasad said, “There was unanimity among all the participants that a $1 Tn digital economy is an understatement. India has the immense potential to go to $2 Tn to $4 Tn digital economy potential.”
The companies reported the aforementioned development at a meeting chaired by IT Minister Ravi Shankar Prasad. The meeting was organised with industry stalwarts to formulate a growth plan.
The meeting was attended by Nasscom President R Chandrashekhar, Google India’s Rajan Anandan, Rishad Premji from Wipro, Indian Cellular Association National President Pankaj Mohindroo, NIIT Chairman Rajendra Pawar, and Hike Messenger CEO Kavin Bharti Mittal, among others.
The government is currently looking to formulate a new set of strategies to support this growth. This includes a ‘new electronics policy, software product policy, and a framework for data security and protection.’
“One participant said that BPO alone has the potential to reach $1 Tn. One participant said that electronics manufacturing itself has the potential to reach that in coming in the 3-4 years. I asked them specifically that is this the hope shared by all. All of them said we share this,” Prasad said.