India can create $1 trillion of economic value using digital technology by 2020: Amitabh Kant

NEW DELHI :
Niti Aayog CEO Amitabh Kant on Thursday said digital infrastructure has become indispensable to the functioning of society and India can create USD 1 trillion of economic value using digital technology by 2025.

Addressing a virtual event organised by industry body FICCI, Kant said the COVID-19 pandemic has provided an impetus to the ever-expanding digital infrastructure.

“Digital infrastructure has become indispensable to the functioning of society… India can create USD 1 trillion of economic value using digital technology by 2025,” he said.

He added that digital infrastructure has emerged as more significant infrastructure as compared to traditional infrastructure necessities such as power and road. It is crucial for India to augment digital infrastructure to utilise frontier technology in economic development, Kant said.

The digital is the future, Kant said adding that if India wants to improve the social sector or health sector then going digital is critical.

The Niti Aayog CEO pointed out that the global electronics market is estimated to be worth USD 2 trillion, and India’s share in global electronics market has grown from 1.3 per cent in 2012 to 3 per cent in 2018.

“It is still considered to be miniscule. So, the government came up with the production-linked incentive (PLI) scheme for the electronics industry,” he said.

Kant also said it is critical for the industry to utilise those schemes and contribute to the overall ecosystem.

Stating that India has been rising in the Global Innovation Index (GII), he said there is an immediate need to develop a local supply chain.

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