Technology: Digital economy to contribute 20% of India’s GDP by 2026
Virendra Pandit
New Delhi: Union Minister of State for Electronics, Information Technology, Skill Development, and Entrepreneurship Rajeev Chandrasekhar on Thursday said the digital economy will contribute one-fifth—or 20 percent—to India’s Gross Domestic Product (GDP) by 2026 itself.
In 2014, the digital economy contributed only 4.5 percent to the country’s GDP and it is 11 percent now.
The targets and ambitions set by Prime Minister Narendra Modi when he launched the Digital India Program in 2015 have transformed the Indian economy qualitatively as well as quantitatively, its innovation ecosystem, and its position as a nation in the world, he said.
India’s position has transformed from being the consumer of technology for three decades to being the producer of devices, products, and platforms for the world, he said while speaking at the inaugural function of Startup Conclave 2023, organized by the Gujarat Government in Gandhinagar.
It was a remarkable transformation during the last nine years under the PM. “Our economy, which was once dominated by a few groups or segments, has now become a highly diversified economy,” he said.
Chandrasekhar asserted that India has now become the fastest-growing digital economy in the world.
This is the most exciting time in the history of Independent India that we are living in. This is also the most exciting time for the innovation and technology sector in India ever. “I am saying this, look how far our innovation ecosystem and digital economy have grown since 2014 when Prime Minister Narendra Modi assumed office,” he said.
Chandrasekhar said the best time for startups and innovation is yet to come because the next decade will be the decade of opportunities for startups and innovation.
The Gujarat Education Department organized this event intending to bring startup innovators and investors on a common platform to exchange ideas and explore opportunities.
The event will see various sessions, master classes, and networking opportunities to promote collaboration, creativity, and a startup ecosystem, said Higher and Technical Education Minister Rushikesh Patel.
