Indian digital economy to touch USD 1 trillion in the next 5-7 years: Ravi Shankar Prasad

Friday, November 17, 2017

New Delhi, November 17, 2017:
 The government is trying to push Indian digital economy to USD 1 trillion in the next 5-7 years and also two consultant firms are working on its roadmap, Mr Ravi Shankar Prasad said at an ASSOCHAM event held in New Delhi today.
All this is happening because Indians have 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, Mr Ravi Shankar Prasad while addressing an ASSOCHAM 2nd International Technology Summit 2017.
He said the BHIM app is a great example of Indian innovation in the field of affordable simple financial technology. He said this in itself is a great success story for world. Concerns about Cyber Security are real and we all must work together to deal with this. We must make cyberspace safe and secure”, he said.
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.
He said, “When our government came to power in May 2014, only 358 km of optical fibres had been laid. In the last three years, we laid 2, 10,000 km and linked 1,00,000 gram panchayats with it by the end of this year.”
"We have saved 57,000 crore, which used to be pocketed by middlemen (earlier), said Union Minister for Electronics & IT, Law and Justice, Government of India.
Pushing government’s Digital India campaign, he asserted that digital governance is good governance as it ensures fast delivery of services added Mr. Prasad. “Digital governance is good governance. Digital delivery is fast delivery,” he said.
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 in Noida and Greater Noida said Mr. Ravi Shankar Prasad.
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 outsouce 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, said Mr Prasad.
E-commerce is rising in India phenomenally. It is being driven by rural aspirations. He said that digital technology is the virtual world is now affecting the real world and the problem that arises in virtual world is being addressed in real world.
Likening the information superhighway to a national highway, Prasad said that while accidents may occur on roads at times, it only means that users have to be more cautious.
On the national highways there are have to drive carefully, wear seat belts, not drink and drive...but how can you say that there should be no national highways because accidents occur. The same is with information highway.....said Mr. Parsad.
Law and IT Minister Ravi Shankar Prasad has said the government will come up with a robust data protection law which will set a benchmark.
"We have to find middle path. On middle path, I have always said that data availability, data utility, data anonymity, data privacy -- on these four principle if we proceed then surely India will robust framework," Prasad said.
Direct Benefit Transfers (DBT) uses technology for ensuring that poor people get their entitlement without corruption. Today you can take an appointment in many big hospitals online. There is no need to stand in long queue”, the Minister added.

ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on
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