The Prime minister of India, Narendra Modi has estimated that India’s digital economy valuation
will exceed $1 trillion by the year 2025.
Modi was speaking at the opening ceremony of the BRICS Business Forum.
The multilateral forum is being hosted by China in a virtual model.
According to Modi, India was expecting a 7.5 percent growth by the end of 2022.
This, it said makes it the fastest-growing economy.
Modi, who said that the government was focused on easing livelihood for its people, added that
the government was focusing on transforming its society through innovation and technology.
Modi stated that the government was revamping every sector in the country through technology
He added that the BRICS forum has an important role to play as countries work on recovering
from the COVID-19 pandemic.
According to him, India currently holds an investment opportunity of about $1.5 trillion under its
National infrastructure pipeline.
“In order to deal with the economic problems arising out of the pandemic in India, we have
adopted the mantra of ‘reform, perform and transform’. And the results of this approach are
evident from the performance of the Indian economy.
This year we are expecting 7.5 percent growth, which makes us the fastest-growing major economy.
Transformative changes are taking place in every sector in the emerging new India,”
Modi noted that the current economic recovery of India post-COVID-19 was hinged on the
growth of technology in the country.
“Today, India is one of the best ecosystems in the world for innovation, which is reflected in the
growing number of Indian startups. There are more than 100 unicorns in over 70,000 startups in
India, and their number continues to grow. Even during the pandemic, India continued to make
many efforts to improve the ease of doing business. Thousands of rules have been changed to
reduce the compliance burden on the business.”
He added that this progress has led to the inclusion of women in the country.
In his words, “There are approximately 36 percent, women, out of 4.4 million professionals
working in our IT sector. The maximum benefit from technology-based financial inclusion has
also gone to the women in our rural areas.
“Similarly, we can have a useful dialogue on innovation-led economic recovery. I suggest that
the BRICS Business Forum may develop a platform for regular exchanges between our
startups,” he added.
Just recently, the Indian government announced the auctioning of 5G spectrum to network providers in the country.
The rollout of the spectrum is scheduled to happen in August this year.
This, the Government said is part of efforts to enhance India’s digital economy and Industry 4.0″.