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  Business   Economy  24 May 2017  3 yrs of Modi govt: Digital economy to cross $1-trn mark

3 yrs of Modi govt: Digital economy to cross $1-trn mark

Published : May 24, 2017, 3:56 pm IST
Updated : May 24, 2017, 3:57 pm IST

IT Minister Ravi Shankar Prasad says main focus would be on services and offerings in digital space.

Prime Minister Narendra Modi.
 Prime Minister Narendra Modi.

Mumbai: By 2020 which is five years from now, India's digital economy will grow to $1 trillion mark, according to IT Minister Ravi Shankar Prasad. A report in The Times of India says Narendra Modi government has hired McKinsey & Co to monitor and spur growth of India's digital economy.

At present, turnover of three major segments stands at $280 billion. Prasad said government's main focus would be on "services and offerings in the digital space over coming years". Priority will be given to startups, new-age IT solutions, financial technologies and cyber security, he added.

"Apart from McKinsey , we will also take the support of Niti Aayog to measure state-level preparedness around digital services and delivery," TOI quoted Prasad as saying.

Prasad also set aside speculations to alley fears over massive job cuts in India's IT sector saying "these fears seem to be highly exaggerated". According to him job there was no major impact on opportunities in IT industry, instead it was the pace of growth that has come down.

"Hiring is still a reality, and it's only the nature of business that is changing," he added.

Tags: layoffs, it, technlogy, infosys, software & computer, cloud, technology, information technology, digital payments, digital; transactions, digital india, cashless economy, less cash economy, aadhaar, upi, bharat qr code, bhim
Location: India, Maharashtra, Mumbai (Bombay)