The Union Minister of State for Electronics and Information Technology and Union Minister of State for Skill Development and Entrepreneurship, Rajeev Chandrasekhar, on Thursday said India will be a significant player in the digital economy. “India has been advancing toward a new era of technology. The nation will become a major force in the digital economy within a year. All Indians share the vision of a developed India, which is reflected in the expanding digital economy of the nation.”
In an interactive session with Professor MD Nalapat and Priya Sahgal at the first Capital Dialouge, organised by The Sunday Guardian Foundation, the Union minister said, “India will play a vital role in entrepreneurship and the digital economy.
Post-Covid, we have reimagined our ambitions, and talking about a trillion-dollar economy is a critical discussion. There has been discussion about a five-trillion-dollar economy in the past, but over the last two and a half years, the acceleration of digitalisation around the world has led to a permanent change in the global value of all products and services. We have come to a point where we are confident that India will be a significant player in the digital world.”
The digital economy has constituted about 6% to 8% of the overall economy, and the goal of Prime Minister Narendra Modi is to achieve a minimum of 20% of the overall GDP by 2025–2026. Apart from the incentives and schemes of the government, the momentum, and determination of young entrepreneurs play a key role in enabling a strong digital economy.
Explaining the concept of ‘New India for Young India’, the minister, said, “The last few years have been a difficult time as the world had to deal with the pandemic. However, we have produced a very strong, surging digital economy, as well as strong innovation and startup ecosystem growth. Over 102 unicorns and 75000 startups have grown in India as a result of global-scale innovation and products and services. This gives us the confidence of a trillion-dollar digital economy.”
The journey, when 90% of mobile phones were imported to one where 97% are country-made-manufactured phones, demonstrates the success of India’s digital economy. Today, almost 55000 crores of mobile brands are exported from India. From 2014 to 2018, the digital economy has been slowly building, followed by the growth of investments.
Similarly, the launch of 5G is a big joy as it represents ‘transformation’. Speaking about the launching of 5G, the minister said, “Indian technology is finding its place in cutting-edge technology.” Reminiscent of the days when all services were imported, India has come a long way, establishing a strong presence in the world of future 5G wireless hi-tech Indian products.
With the growth of entrepreneurship, the unemployment rate has also come down, although, the aftereffects of the pandemic cannot be negated. Hospitality, one of the major employment generators, is left with a deep scar post-pandemic. However, the rebound is taking place slowly, and around 10 lakh net new jobs are being created in the technology sector, where 54% of women are, presently, employed. The revamping of the digital ecosystem along with local economic opportunities based on districts and migratory opportunities will soon provide more employment to Indian youth.
Highlighting upskilling and reskilling Indian youth, the minister said, “In the future, various institutions, trainers, students, and so on will come on one platform to assess and provide suggestions about local opportunities that will lead to empowerment.”