Indian digital economy to touch $1 trillion in the next 5-7 years

Of the targeted 2.5 lakh, gram panchayats are to be connected via optical fibre under the national optical fibre network programme, now called ‘BharatNet’, around 1 lakh has already been connected.

By Priyanka

    The government is trying to push Indian digital economy to $1 trillion in the next 5-7 years and also two consultant firms are working on its roadmap IT and electronics and law & justice Ravi Shankar Prasad said.

    Indian digital economy to touch $1 trillion in the next 5-7 years

     

    All this is happening because Indians have the passion for technology. India has emerged as the 3rd biggest startup movement in the world and the best young brains are now creating jobs through start-ups said union minister for IT & electronics and law & justice, Prasad said.

    He said the BHIM app is a great example of Indian innovation in the field of affordable simple financial technology and this in itself is a great success story for the world. The number of mobile phones added in India over the last 2.5 years equals the population of Italy or France.

    Of the targeted 2.5 lakh, gram panchayats are to be connected via optical fibre under the national optical fibre network programme, now called 'BharatNet', around 1 lakh has already been connected.

    In three years about 105 mobile manufacturing factories have come in India and India is becoming a big hub of electronics and mobile manufacturing. 32 have come from Noida and Greater Noida.

    The union minister also said that there have been three phases of growth of India's IT industry, whereby in phase one Indian IT companies became the 'good outsource in the world' while in phase two international giants like Amazon, Facebook, Whatsapp others came to India considering it a huge market.

    The third phase is that of India's domestic IT initiative, startup movement which is growing very fast with 3-4 startups are coming up every day, Prasad further said.

    The government will come up with a robust data protection law which will set a benchmark. "We have to find the middle path. On the middle path, I have always said that data availability, data utility, data anonymity, data privacy -- on this four principle if we proceed then surely India will robust framework," Prasad noted.

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