Digital Economy Will Account For 20% Of India’s GDP By 2026: Union Minister Chandrasekhar

The MoS stated that India’s status in the world has evolved from being the consumer of technology for about three decades to being the manufacturer of devices, products, and platforms for the world.

He further said that the best opportunities for startups and innovation are yet to come as the next decade would be the ‘decade of opportunities for startups and innovation’.

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Digital economy will account for 20 per cent of the country’s gross domestic product (GDP) by 2026, Union Minister Rajeev Chandrasekhar said on Thursday. The minister said this while speaking at the inauguration of ‘Startup Conclave 2023’ organised by the Gujarat government. 

Chandrasekhar noted that the digital economy improved from 4.5 per cent of the GDP in 2014 to 11 per cent today, and estimated that ‘By 2026, digital economy will account for 20 per cent or one-fifth of the Indian GDP,” reported PTI. 

The minister further said that target decided by Prime Minister Narendra Modi’s government when he launched the ‘Digital India’ initiative in 2015 have evolved ‘qualitatively as well as quantitatively our economy, our innovation ecosystem and our position as a nation in the world’. 

The MoS for Skill Development and Entrepreneurship of India stated that India’s status in the world has evolved from being the consumer of technology for about three decades to being the manufacturer 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,” Chandrasekhar said. 

The minister said that India has 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 added. He further said that the best opportunities for startups and innovation are yet to come as the next decade would be the ‘decade of opportunities for startups and innovation’.