India to Achieve USD 1 Trillion Digital Economy by FY28: IT Minister By CIOTechOutlook Team

India to Achieve USD 1 Trillion Digital Economy by FY28: IT Minister

CIOTechOutlook Team | Wednesday, 22 May 2024, 02:41 IST

India's digital economy is developing at a 2.8% annual rate and is predicted to reach $1 trillion by 2027-28, as per Rajeev Chandrasekhar, Minister of State for Electronics and IT. HE has also stated that the IndiaAI mission's worth will be quadrupled to Rs 20,000 crore from Rs 10,000 crore.

The government previously planned India to reach the $1 trillion level by 2026-27, but the objective has been pushed back by a year due to a variety of factors, including the Covid-19 pandemic, he said.

"Digital economy is growing at the rate of 2.8% because of the vision of Prime Minister Narendra Modi. His vision laid down in 2015 has played out well. We are already the fastest growing digital economy of the world. We are aiming to be $1 trillion digital economy by 2027-28," Chandrasekhar said.

The minister stated that the prime minister has already approved a seed fund of Rs 1 lakh crore, which would be invested in research and development for fuel innovation and India's AI mission, totaling Rs 20,000 crore.

The cabinet has allocated only roughly Rs 10,000 crore for India AI mission, while the minister stated that the entire worth is about Rs 20,000 crore "including some other factors that cannot be disclosed at the moment".

The minister stated that the main request of the IT industry is for the momentum of development to continue.