According to Rajeev Chandrasekhar, Union Minister of State for Electronics and Information Technology, the digital economy would account for more than 20% of the nation’s GDP in 2026.
He added in his remarks at the ‘G20 Digital Innovation Alliance Summit’ that India is a leading country that quickly embraced technology and has begun providing solutions to the world. The share of the digital economy in the overall GDP increased from 4–4.5% in 2014 to 11% in 2018. By 2026, we anticipate that the digital economy will contribute more than 20% of our GDP.
India embraced technology not merely for innovation in the broadest sense, but also to provide practical answers that, in recent years, have revolutionised people’s lives, governance, and democracy. Due to the speed of digitalization, we must now consider the effects of both the upstream and downstream effects of every citizen and consumer using digital products or services, whether it be Instagram reels, the cloud, or Digital Public Infrastructure that links them to the government and governance.
The tech industry’s centre of gravity, which was formerly concentrated in a small number of nations and revolved around a small number of organisations and businesses, is shifting to open source platforms and younger and younger startups that are upending the status quo. The larger trend of growing digitalization is being tapped into by these tendencies.