New Delhi : The government will come out with three new policies, including electronics manufacturing and data protection, as part of its efforts to make India a USD 1 trillion digital economy in a few years.
Speaking after a two-and-a-half hour meeting with Indian tech industry captains, IT Minister Ravi Shankar Prasad on Friday exuded confidence that India is well-positioned to become a USD 1 trillion digital economy in next few years.
“The industry has assured us that they are committed to support us in this mission… We will be shortly laying down the new electronics policy because between the old policy and now, India under Narendra Modi has changed completely,” Prasad said. He added that the government will also come up with a new software product policy and a framework for data security and protection.
The minister, however, did not disclose the timeline for these new policies. The meeting was attended by top experts such as Nasscom President R Chandrashekhar, Google India’s Rajan Anandan, Wipro’s Rishad Premji, Indian Cellular Association National President Pankaj Mohindroo, Internet and Mobile Association of India President Subho Ray and Hike Messenger CEO Kavin Bharti Mittal, among others.
“Cybersecurity was also discussed (at the meeting). Low cost cyber security products have great potential… and we are going to have a framework for data security and data
protection,” Prasad said. Notable absentees from the event included Flipkart co-founder Sachin Bansal and Paytm founder Vijay Shekhar Sharma. The Ministry has identified digital payments, Make In India, Start-Up India, Skill India among the key drivers of the digital economy. MeitY expects IT/ITeS sector to grow to $350 billion by 2025 from $160 billion, while electronics sector is poised to touch $300 billion by the same time (from $100 billion currently. Telecom and e-commerce are projected to grow to $150 billion each, while sharing economy and digital skilling each presents a $30 billion opportunity. Digital payments, cybersecurity and Internet of Things –all of which are expanding at a significant pace — are expected to touch $ 50 billion, $ 35 billion and USD 20billion, respectively.
It was also projected that the digital economy will generate 30 million employment by 2024-25, which is double than the current scenario. Highlighting the potential of the “new economy” with avenues like digital payments and e-commerce, Prasad said the focus needs to be on creating technology that is affordable, developmental and inclusive.