Narendra Modi government looks to double digital economy to $1.12 tn

The government will roll out a new electronic policy to boost electronic manufacturing and create an inclusive ecosystem for promoting digital economy in the country, Ravi Shankar Prasad, Union minister for electronics & IT and law & justice, said at an industry consultation round table to build a $1-trillion digital economy, on Friday. Key areas of priority will also include software product policy, data security and data protection, start-up cluster, and robust dispute resolution mechanism, according to Prasad. The minister emphasised on shortening the timeline of the digital economy to 3-4 year from more than 7 years to create a $1-trillion digital economy in India that will boost digital skilled employment and growth of sectors such as communication, e-commerce, BPO, and IoT. Industry stakeholders added that the government will work toward digital skilling of workforce in India. Increased electronic manufacturing can make India nodal in mobile manufacturing, Prasad added. The new electronic policy will focus on e-health, education and agriculture. The government seeks to more than double the digital economy to $1.12 trillion from $413 billion. Industries such as electronics, telecom and IT will be at the forefront of digital employment with 8.9 million, 8.8 million and 6.5 million jobs respectively. The start-up movement will boost e-commerce and digital payments and push their share to $150 billion and $50 billion, respectively, by 2024-25.