Minister sees $1 trillion digital economy
Commerce & Industry Minister Piyush Goyal has invited the global investors to “walk with India, talk with India and run with India” in the engagement on the services side in the new digitalized world that COVID has brought to fore.
“India’s digital economy generates about US$200 billion economic value annually, but there is potential to ramp it up to US$1 trillion if digital technologies are used to unlock productivity, savings and efficiency across diverse sectors,” the Minister told the virtual inauguration of the India Services Conclave 2021 on 23 Mar 2021.
India is focusing on creating a no-frills cost and a differentiation strategy which will help to create uniquely desirable goods & services. Despite the strictest lockdown, India’s commitments to the world were completely fulfilled during the period, Goyal assured.
“This 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.”
Converting the COVID crisis into an opportunity, the Minister pointed out, “India has done significant reforms in banking, financial sector, mining, agriculture, labour laws and opened up our economy.”
“We have scaled up our infrastructure to meet the COVID crisis, from our testing ability to enforcing one of the strictest lockdowns to manufacturing products which were only imported.”
The Minister sees the potential of India achieving 90% in exporting the services this year, rebounding from the pandemic-hit 2020. “Services sector has been a significant success story of India as it has shown a steady growth and resilience in the face of global challenges.”
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, believes Goyal.
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, he said. “Cyber security is another area where we are very much focused on,” he added.
Calling for innovation and upgradation to create a glorious path for India in Digitisation, the Minister said, “Our capacity & 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 markets.
“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 for upgrading the skill and productivity of entire nation,” stressed the Minister. #digital #technology #investment #economy /fiinews.com
