Aiming to expand Indian e-commerce sector globally, the Ministry of Electronics and IT has initiated preparation of a policy framework which will fuel the growth of the e-commerce economy.
This is part of ministry's target to build a $1 trillion digital economy by 2022.
Electronics and IT minister Ravi Shankar Prasad recently took a meeting on the roadmap for the growth of digital economy and the next phase of Digital India.
In a presentation that was focused on digital economy, the ministry said a policy framework is underway for expanding e-commerce economy within India and globally including Saarc (South Asian Association for Regional Cooperation), South-East and West Asia, Africa and Brics (Brazil, India, Russia, China and South Africa), according to a senior official from the ministry.
"The aim is to capture foreign markets by Indian players and vice-versa," the official said.
According to the available estimates, the e-commerce economy in India stands at around $30 billion and the government expects it to grow to $150 billion by 2024-25. The digital economy is also expected to create jobs for 30 million people by 2024-25.
The focus is also on developing India as a global hub for 'fintech'.
As part of the growth in the digital economy, four new centre of excellence (CoE) will be launched in Ahmedabad in Gujarat, Gurgaon (Haryana), Visakhapatnam (Andhra Pradesh) and Aurangabad (Maharashtra) by March 2018. One such CoE is already operational in Bengaluru. All these initiatives are part of a new Internet of Things policy which is expected to be ready and operational by March next year.
The ministry is in the process of launching next phase of Digital India 2.0, which will be launched soon as it moves ahead to a target of $1 trillion digital economy by 2022.
'Digital India 2.0' will usher in a new India, which will increase the digital economy by 3.5 times from Rs 20 lakh crore at present to Rs 70 lakh crore by 2022. This will include digital payments industry worth Rs 35 lakh crore, software products and services industry at Rs 21 lakh crore, electronics industry at Rs 7 lakh crore and telecom at Rs 7 lakh crore, according to a presentation by the electronics and IT ministry.
Over the last two years, Digital India has made significant progress and it's time to move to the next phase. The pillars of Digital India -- broadband, e-governance, Make in India, e-Kranti, information for all, public internet program and others have to be strengthened and scaled up further as the government aims to make India fully-digitally literate. Digital India 2.0 will make way for new technologies for better and faster implementation. It will also outline the way ahead for New India, according to the ministry.
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