India's digital economy to be 20 per cent of GDP by 2026: Minister

New Delhi, December 6

India’s aspires to leverage emerging technologies and Artificial Intelligence to create an environment conducive to innovation, good governance, and propelling the digital economy towards the 1 trillion dollars as envisaged by Prime Minister Narendra Modi, said the Union Minister of State for Electronics & IT, Rajeev Chandrasekhar.

He was participatingin a ‘fireside chat’ with Evan Feigenbum at the Global Technology Summit 2023 today.

Chandrasekhar said “We consider AI to be a kinetic enabler of our digital economy”.

“From our perspective, the digital economy is projected to constitute 20 per cent of our GDP by 2026. Currently, we stand at 11 per cent, a significant jump from 4 per cent in 2014,” he added.

Internet and all of these emerging technologies are not just academic or just about innovation; they’re about real value addition to the economy—real jobs, real income, and the creation of genuine wealth, he said.

It is crucial that, during these next six months, countries and governments around the world align towards establishing a common protocol or framework for AI.

India’s focus lies in the practical application of AI. Modi believes in the transformative power of technology to enhance people’s lives and improve government efficiency across regions, from the Northeast to the South, North, and West. AI will play a significant role in shaping healthcare, agriculture, education, skilling, security, and promoting inclusion through language translation over the next decade.

Recognising the constraint in our capacity, especially in training large, multi-parameter models, we are actively working on a comprehensive strategy to build the necessary capabilities.

Speaking about India’s approach towards regulating AI and technology the Minister said, “We are addressing misinformation, deepfakes, and other issues… There is also no one-size-fits-all model to adopt”.