Digital India can grow five times to $1 trln

New Delhi, Mar 23 (FN Bureau) Commerce and Industry Minister Piyush Goyal on Tuesday said that India’s digital economy can grow five times to touch a trillion dollars from around 200 billion dollars, if technologies are used to unlock productivity, savings and efficiency across diverse sectors. He also said the country will close the fiscal with over 90 per cent of services exports worldwide, as compared to last year. “India’s digital economy generates about $200 billion economic value annually, but there is a potential to ramp it up to $1 trillion if digital technologies are used to unlock productivity, savings and efficiency across diverse sectors,” Goyal said at the virtual inauguration of the India Services Conclave 2021.

He said that the digital services will help contribute to Ease of living, Ease of consumer engagement and benefits, and help in securing digital infrastructure for international engagement. The minister said that services are India’s competitive advantage and have been a significant success story of India and has shown a steady growth and resilience in the face of global challenges. The minister said that the Narendra Modi government is focusing on creating a “no-frills cost and a differentiation” strategy which will help to create uniquely desirable goods and services.

“We are looking at a self-reliant, self-resilient and confident India which will engage with the world in the days to come,” he said, and invited the world to “walk with India, talk with India and run with India in our engagement on the services” in the new digitalized world that the COVID-19 pandemic has brought to the fore. Goyal said that as the global trade moves more and more towards services, digital and data back innovation which India offers can really boost the world’s engagement with digital technologies in a cost competitive manner.

“Cyber security is another area where we are very much focused on.” Calling for innovation and upgradation to create a glorious path for India in digitisation, he said that the country’s capacity and capability in digital technologies are huge and they will determine our ability to compete with the world on cost competitiveness and differentiated products. “We are preparing the nation to see how we can ensure the most modern technologies are available in India and upgrade the productivity and skill levels for the domestic and international market,” said the minister.

“We are preparing India to see how we can invite hi-Tech industry to come and engage with India and ensure how most modern technologies are available in India and upgrade skill & productivity of entire nation.” The minister said that despite the strictest lockdown, India’s commitments to the world were completely fulfilled during the period. This, he said, that will help us in good stead in the times to come, establishing India as a trusted partner which is willing and ready to serve the world.