Crossing government’s expectations of making India a $ 1 trillion digital economy by 2022, technology companies said on Friday that during this period there is a capacity to develop up to $ 4 trillion.

Presiding over a meeting with the IT Minister Ravi Shankar Prasad said that the government will formulate a new strategy to help develop development including a new electronics policy, software product policy and a framework for data security and security. .

The Information Technology Minister Ravi Shankar Prasad told reporters after the meeting: “All the participants unanimously believed that the $1 trillion dollar digital economy is a bad one. India’s potential of $2 to 3 trillion  dollar digital economy is.”

With top industry leaders Senior experts such as Nasscom President R Chandrashekhar, Google India Rajan Anandan, Wipro Rishad Premji, Indian Cellular Partnership National President Pankaj Mohindroo, NIIT President Rajendra Pawar and Hike Messenger CEO Kavin Bharti Mittal attended the meeting.

Sachin Bansal founder of Flipkart, and Vijay Shekhar Sharma, the founder of Paytm, are among the noteworthy aliens. The government has foreseen that the Indian digital economy now has a digital economy of about $ 450 billion, up to $ 1 trillion by 2022.

From now on, it is estimated that the Indian electronic market is about 100 billion dollars, the IT sector is 150 billion dollars, telecommunication is 150 billion dollars, e-commerce is 30-40 billion dollars, and the rest is the shared economy size like taxi calling services. , Start-ups, etc.

“One participant said that BPO alone had the potential to reach US $ 1 trillion, and that an attendee said that electronics manufacturing had the potential to come back in 3-4 years, and all of us said that we shared it,” Prasad said.

The Electronics and IT Ministry plans to reach $ 350 billion in IT and ITES in 2025 from $ 160 billion, while the electronics industry plans to reach $ 300 billion at the same time (currently $ 100 billion). Telecommunication and electronic commerce will each increase to 150 billion dollars, economy sharing and digital fiasco each offer an opportunity of 30 billion dollars.

Digital payments, cyber security and the Internet of Things – all of which are expanding at a significant pace – are expected to reach 50 billion US dollars, 35 billion US dollars and 20 billion US dollars, respectively.

It was envisaged that the digital economy would create 30 million jobs between 2024 and 25, twice the current scenario.

Among the key drivers of the digital economy, the ministry identified digital payments such as Make In India, Start-Up India and Skill India.

Emphasizing the potential of the “new economy” with its attraction of digital payments and e-commerce, Prasad said the focus should focus on creating economic, developmental and digitally inclusive technology.

At the same time, Prasad said that the negotiations at the meeting brought with him the need to develop an ecosystem to make it easier.

Activities such as education, agriculture and health are active. “With the Ministries of Health, Agriculture and OIC, I decided to take a coordinated action to develop an ecosystem to initiate further initiatives in these areas,” he said.

Prasad said that the idea of ​​setting up a special innovative area for the start-up will be explored and a framework will be prepared for the startup cluster policy. Apart from this, there is a lot of potential in digital skilling because India has a rich talent pool that can be used to meet global demand in emerging technologies like artificial intelligence.

“We need to re-skill and re-use our skills. We have a list of different skills, where we need people.. If you do the skills again in block-chain or AI, There is no shortage of jobs globally, “said Tech Mahindra Managing Director and CEO CP Guranani.

Referring to the report of NASCOM, Prasad said that in the last three years, about 6 lakh people were employed in the IT sector, while the number of people employed in the year 2016-17 was approximately 1.7 lakh. About 2.5-3 million new jobs are expected to be made by 2025.

He rejected Indian IT firms’ loss reports as “motive”.

“There has been a lot of debate, and with any economy standard, it was motivated to discuss unemployment in the IT sector in this way,” he said.

In terms of difficulties, participants expressed the need to establish a dispute resolution mechanism and liberal regulatory norms.

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