Bengaluru, August 17, 2023: Union Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, announced on Thursday that India anticipates its digital economy to constitute over 20 percent of its total GDP by 2026.
Currently, India’s digital economy contributes 11 percent to the total economy, Chandrasekhar added.
“The digital economy in India has grown from 4 to 4.5 percent of the total GDP in 2014 to 11 percent today, and we expect the digital economy to surpass 20 percent of our GDP by 2026,” he stated during a press conference after inaugurating the G20 DIA Summit.
Chandrasekhar emphasized that this shift towards a digital economy isn’t merely a conversation about innovation or technology; it’s becoming the cornerstone of how global economies, including India’s, are evolving and transforming.
Under India’s G20 Presidency, the G20 Digital Innovation Alliance (G20-DIA) initiative was launched through the MeitY Startup Hub. This initiative recognizes and accelerates the growth of startups from G20 countries and nine invited guest countries in six vital sectors: Ed-tech, Health-tech, Agri-tech, Fin-tech, Secured Digital Infrastructure, and Circular Economy. These startups leverage digital technologies to address humanity’s most urgent needs.
A total of 174 startups from 29 countries participate in the program. These startups will present their ideas to a panel of global leaders at the G20-DIA Summit.
The summit will culminate on August 18 with an awards ceremony, during which 30 startups will receive honors in various categories.
As India continues its journey towards a more digitalized economy, the G20-DIA initiative and the minister’s announcement reflect the country’s commitment to embracing technological innovation and leveraging it to drive economic growth and development.
