The Centre aims to grow India’s digital economy to $1 trillion by 2022, Electronics and IT Minister Ravi Shankar Prasad said.
Mr. Prasad said the Centre had roped in consulting firm McKinsey to help draw a roadmap to achieve this target.
“India will become a trillion dollar economy,” said Mr. Prasad.
“How will it become a trillion dollar economy, that roadmap will talk about what the government needs to do, what the industry needs to do…. Different sectors such as healthcare and education, what they need to do,” he said.
Currently the digital economy in India, which includes sectors such as fintech, communications, e-commerce, cybersecurity and electronics, is estimated at about $270 billion.
He explained that said with McKinsey as knowledge partner, the Ministry will create a Digital India index that will have parameters such as digital infrastructure, digital services, digital governance etc. The Niti Aayog will benchmark states against these parameters.
On the issue of job losses in the IT sector, the Minister said the reports are “highly exaggerated.” “As the IT Minister, I deny and refute that there is any down turn in this sector,” he stressed.
He further added that the Ministry is keeping a close watch on the situation.
According to an official, the IT Ministry is mulling to set up a council in order to interact with the industry on regular basis. The Minister is also likely to hold a meeting with IT industry leader soon.
Pointing out that the software industry may have to change its business model, the Minister said there was a change in trend in the IT sector and jobs were being created out the software industry in sectors such as e-commerce, fintech, start-ups, data analytics and cyber security. He added that there was need for upgradation of skills.
“We are also working with states on creating a virtual skills platform where people can go to acquire new skills or upgrade skills,” he said, adding that the industry too will be a part of this initiative.
