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 digitalinfrastructure.
"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 significantinfrastructure as compared to traditional infrastructure necessitiessuch as power and road. It is crucialfor 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 digitalis 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU