India's digital minister Ravi Shankar Prasad: 'Indian government estimates the digital economy to surpass $1.115tn by 2024-25'

'Indian government estimates the digital economy to surpass $1.115 tn by 2024-25' : Ravi Shankar Prasad, minister for electroni

The government of India will power policies on electronics manufacture and data security, among others, to boost the 'Digital India' campaign.

Ravi Shankar Prasad, minister for electronics and information technology (MeitY), said: "We will be shortly laying down the new electronics policy because between the old policy and (now), India under Narendra Modi has changed completely. Therefore, to boost electronics manufacturing, we will come up with a new policy." He further added that MeitY would be coming out with a new electronics and software products policies, as well as a framework for data security and data protection in the country.

The companies, namely IBM, Wipro, Google, Microsoft, Tech Mahindra, Intel Corporation, Panasonic India, NIIT, Quickheal, Practo, Hike, Lava International and Cyient, plus those from the National Association of Software and Services Companies (Nasscom) and the Internet and Mobile Association of India, all unanimously estimate the digital economy to surpass $1.115tn by 2024-25.

The first National Policy on Electronics was formulated in 2012 and approved by the Cabinet in 2013. Furthermore, the ministry targeted digital payments and the projects titled Make in India, StartUp India, Skill India, 100 Smart Cities, 50 Metro Projects and Swachh Bharat to be key drivers of the digital economy project.

It was also projected that the digital economy would generate 30 million jobs by 2024-25, a doubling from now. Electronics, telecom and information technology plus IT-enabled services would be the top three contributors, with 8.9 mn, 8.8 mn and 6.5 mn, respectively. Followed by ecommerce at 6.9 mn and cyber security with 2.5 mn.

The Drum recently also wrote about how Digital Payments, AI and VR will power the Indian economy in future.

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