Title: India’s Rapid Digitization Drives Economic Growth, Aims for 20% by 2025-26
India has experienced a remarkable surge in digitization, propelling its economy to new heights. The Minister of State (MoS) for Electronics and Information Technology, Rajeev Chandrasekhar, announced during the global AI summit in London that India has successfully transformed its digital landscape over the past eight years. The digital economy has grown from 4.5% of the total GDP to an impressive 11%, with a target of reaching 20% by 2025-26.
Chandrasekhar highlighted the significant growth of the digital economy, which is expanding at a rate 2.5 to 3 times faster than the non-digital sectors. This rapid progress demonstrates the potential of the digital and innovation economy to contribute substantially to India’s overall economic development.
The global AI summit brought together digital ministers, technology leaders, academics, and civil society representatives to discuss emerging AI technologies and the associated risks. This platform emphasized the importance of international collaboration in shaping the future of technology. Chandrasekhar emphasized that India recognizes the significance of such collaborations, especially in a time when technology presents the most exciting opportunities in human history.
Indian Prime Minister Narendra Modi has long advocated for collective action and international partnerships in driving technological innovation, institutional frameworks, and regulations for the common good of all humanity. The government believes that AI is a crucial enabler of the accelerating digital economy and plays a significant role in driving growth and governance.
Meanwhile, the United Kingdom and its global partners announced an £80 million project aimed at funding AI projects worldwide, with a particular focus on Africa. The collaborative effort between the UK, Canada, and the Bill and Melinda Gates Foundation aims to promote safe and responsible AI programming. The UK’s AI for Development Programme will contribute £38 million to this initiative, reflecting the country’s commitment to leveraging cutting-edge technology to address global challenges.
In conclusion, India’s rapid digitization has propelled its economy to new heights, with the digital sector growing at an exceptional pace. The country’s ambitious goal of achieving a 20% digital economy by 2025-26 demonstrates its commitment to leveraging technology for sustainable growth. Through international collaborations and partnerships, India aims to shape the future of tech, ensuring it benefits all of humanity.