According to the recent report by International Council for Research in International Economic Relations (ICRIER), internet based applications in India have potential to contribute Rs 18 lakh crore by 2020 and contributed Rs 1.4 lakh crore to Indian GDP in 2015-16.
The report says, a 17 percent increase in the total internet traffic in India in 2015-16, contributed to an increase of Rs 7 lakh crore in GDP, of which at least Rs 1.4 lakh crore was due to Internet-based app services. This puts the internet's contribution to India's GDP at about 5.6 percent in 2015-16.
"Internet apps and services are disrupting traditional industries. Regulation, globally, is evolving to strike the right balance between protecting consumer/business interests and encouraging the ecosystem to innovate further," said TV Ramachandran, President, Broadband India Forum.
"India needs to chart its own course from a policy/regulation perspective considering the significant higher impact on its economy. It needs to resist the temptation to follow global precedence or come up with defining laws without active stakeholder discussion," Ramachandran further said.
The study also said that there need to invest in e-governance app-ecosystem, encourage development of vernacular content, accelerate the growth of Startup programmes, and build awareness among consumers, disentangle regulatory needs, and develop a systematic approach to regulations.
Meanwhile, Telecom Minister Manoj Sinha said that Broadband is of vital importance to India, as indeed to all customers globally, to ensure digital connectivity as this is the stepping stone to higher productivity as is proven in many a developed economy. It enhances commerce, improves banking facilities, improves administrative facilities and empowers the public as a whole. Broadband development is the cornerstone of Digital India and every Indian and remotest location will be empowered through the Digital India initiative.