Gandhinagar: Union minister Rajeev Chandrasekhar on Thursday said that the digital economy will contribute 20 per cent of India's gross domestic product (GDP) by 2026. Chandrasekhar, who is Union Minister of State for Electronics and Information Technology, was speaking at the inaugural function of 'Startup Conclave 2023' organised by the Gujarat government at helipad ground in Gandhinagar.
Rajeev Chandrasekhar on digital economy
"In 2014, the digital economy was around 4.5 per cent of the GDP and today it is 11 per cent. By 2026, the digital economy will account for 20 per cent or one-fifth of the Indian GDP," he said.
Chandrasekhar highlighted that the targets and ambitions established by Prime Minister Narendra Modi during the initiation of the 'Digital India' program in 2015 have qualitatively and qualitatively transformed the Indian economy, innovation ecosystem, and the nation's global standing.
He further said that India's position has transformed from being the consumer of technology for nearly three decades to being the producer of devices, products and platforms for the world. "It was a remarkable transformation during the last nine years under the PM. Our economy, which was once dominated by a few groups or segments, has now become a highly diversified economy," said the minister.
India has now become fastest-growing digital economy
The Union Minister asserted that India has now become the fastest-growing digital economy in the world. "This is the most exciting time in the history of independent India that we are living in. This is the most exciting time for the innovation and technology sector in India ever. I am saying this look how far our innovation ecosystem and digital economy have grown since 2014 when Prime Minister Narendra Modi assumed office," he said.
Chandrasekhar expressed that the most opportune period for startups and innovation is yet to unfold, stating that the upcoming decade will be a period abundant with opportunities for startups and innovation.
The Gujarat Education Department has organised this event intending to bring startup innovators and investors on a common platform to exchange ideas and opportunities.