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India targets $1 trillion digital economy by 2022

The central government is planning to take a quantum leap in its digital economy, targeting a massive $1 trillion digital economy in the next 5-7 years. To achieve this major milestone, the government will soon be launching new policies related to electronics and software production, as well as for data protection and setting up start-up clusters. The blueprint for the $1 trillion Indian IT economy was announced today by Electronics and Information Technology Minister Ravi Shankar Prasad. The minister made the announcement during a meeting with industry leaders held in New Delhi today.

Prasad said that the old policy has become outdated since Indian has changed significantly in recent years. He said that the government will soon be launching a new electronics policy that will significantly boost electronics manufacturing. “There is need to look at inward software market. Therefore, we will come with a new software product policy and we are going to have framework for data security and protection policy,” Prasad said. It may be recalled that the National Policy on Electronics was introduced by the earlier UPA government in 2013.

Prasad also talked about giving incentives to start-ups. He said that India has currently the third largest number of start-ups in the world and this can be improved by introducing new policy on start-up clusters. The policy on start-ups clusters is currently being designed in association with Nasscom and the Data Security Council of India.

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