Rajeev Chandrasekhar, the union minister of state for electronics and information technology on Thursday said that the country’s digital economy will account for 20% of GDP by FY26.
“In 2014, the digital economy of India stood at 4.5% GDP in contrast to today’s 11% GDP and by 2026 the digital innovation economy will account for 20% of GDP,” says Chandrasekhar while speaking at the ‘Startup Conclave 2023’ in Gujarat.
According to the union minister, India’s position has been transformed from being three decades of a consumer of technology to a producer of devices, products, platforms and solutions for the world at present.
“The most important attribute of this transformation is the fact that the Indian economy and its growth is as much architected by young Indians as any other segment of the economy,” says Chandrasekhar.
Chandrasekhar says that it's the most exciting time for technology and innovation in India. “The future of India will be the India techade, decade of technology opportunities. This new India will be built by young Indians from all over the country. When we talk about the digital economy we talk about IT & ITES, nine years later we can look at the opportunity rich landscape and you can see an Indian flag and Indian startup in almost every segment of the tech ecosystem,” he says.
According to Chandrasekhar, the country's economy has transformed qualitatively and quantitatively the country's position as a nation among the global community of nations.
“The best time for start-ups is yet to come and as the honourable Prime Minister said the next decade will be a decade of opportunities for Indian startups and young Indians,” he says.