India’s Digital Economy Set to Surpass Agriculture and Manufacturing by 2029-30
The digital landscape in India is undergoing a significant transformation, with the Centre projecting that the share of the digital economy will soon outpace that of agriculture and manufacturing. According to a recent report by the electronics and information technology ministry (MeitY), India’s digital economy is expected to grow nearly twice as fast as the overall economy by the financial year 2029-30 (FY30).
The report, titled “Estimation and Measurement of India’s Digital Economy,” highlights the rapid growth and potential of the digital sector in the country. It predicts that the digital economy will contribute almost a fifth of the total national income by FY30, surpassing traditional sectors like agriculture and manufacturing.
Key Findings and Projections
The report projects that India’s digital economy will grow exponentially, thanks to the increasing adoption of digital intermediaries and platforms. It estimates that the digital economy accounted for 11.74% of the national income in FY23 and anticipates this number to rise to 13.42% by FY25.
In terms of employment, the report reveals that the homegrown digital economy employed 14.67 million workers in FY23, making up 2.55% of India’s estimated workforce that fiscal year. Sectors such as information and communication services, telecom, and manufacturing of electronics and communication equipment led the digital economy charts in FY23, contributing 7.83% to the national GVA.
Looking Ahead
The Ministry of Electronics and Information Technology foresees significant growth in the digital economy, driven by the continued expansion of digital platforms and intermediaries. The report suggests that the digital economy is poised to grow at an unprecedented rate, with projections indicating that it will contribute nearly one-fifth of the national income by 2030.
The Future of India’s Digital Economy
As the digital economy continues to evolve, it is essential for policymakers, industry players, and entrepreneurs to adapt to this changing landscape. With the right strategies and innovations, India’s digital economy has the potential to revolutionize the way businesses operate and create new opportunities for growth and development.
Conclusion
India’s digital economy is on a trajectory of rapid growth, with projections indicating that it will soon surpass traditional sectors like agriculture and manufacturing. As the country embraces digital transformation, there is immense potential for innovation, job creation, and economic prosperity in the digital space.
Frequently Asked Questions
1. How fast is India’s digital economy expected to grow?
India’s digital economy is projected to grow almost twice as fast as the overall economy by the financial year 2029-30.
2. What percentage of the national income does the digital economy account for currently?
The digital economy accounted for 11.74% of the national income in FY23.
3. How many workers are employed in India’s digital economy?
The digital economy employed 14.67 million workers in FY23, comprising 2.55% of India’s estimated workforce.
4. Which sectors lead the digital economy charts in India?
Sectors such as information and communication services, telecom, and manufacturing of electronics and communication equipment lead the digital economy charts in India.
5. What is the projected contribution of the digital economy to India’s total national income by 2030?
The digital economy is expected to contribute nearly one-fifth of the total national income by 2030.
6. How are digital intermediaries and platforms driving the growth of India’s digital economy?
Digital intermediaries and platforms are seen as the biggest enablers of the Indian digital economy in the short run, facilitating growth and digital diffusion across various sectors.
7. What are the key highlights of the MeitY report on India’s digital economy?
The report highlights the rapid growth of India’s digital economy, projecting significant contributions to the national income and employment in the coming years.
8. What role do big tech giants and digital platforms play in India’s digital economy?
Big tech giants, digital platforms, and intermediaries contribute significantly to the national GVA, underscoring their importance in driving the digital economy forward.
9. What are the projected growth rates for India’s digital economy in the short run?
The digital economy is expected to grow rapidly in the short run, with the highest growth likely to come from digital intermediaries and platforms.
10. How is the digital economy expected to impact India’s overall GDP by 2026?
The digital economy is projected to contribute over 20% to India’s total gross domestic product (GDP) by 2026.
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