pennews
www.pennews.net
Indian economy to reach three-trillion dollar: Ravi Shankar Prasad
Economy

Indian economy to reach three-trillion dollar: Ravi Shankar Prasad

Agency News

New Delhi, Mar 14: Electronics and Information Technology (E&IT) Minister Ravi Shankar Prasad has asserted that India is poised to become three trillion dollars economy in next four to five years.

Prasad, who was speaking at the fifth edition of Digital India Summit here on Tuesday said, "India could be a three trillion dollar economy in the next 4 to 5 years that is the goal we have set. Digital India is designed to empower ordinary Indians. Our idea is to make India the biggest manufacturing hub in the field of electronics with one crore employment in the electronics sector and 35-40 lakhs in the software sector,” he said.

“The IT industry is present in 200 cities of 80 countries with a turnover of 167 billion plus,125 billion exports, employing 40 lakh people directly and 1.25 crore indirectly, the industry employs 33 per cent women and they are rising by the day,” the Minister underscored.

"Digital India is designed to empower ordinary Indians, the entire digital ecosystem has advanced in the last few years and we wish to keep this momentum. Our Digital initiatives have empowered nearly 1.5 crore students with e-scholarship worth 5000 along with our initiative of Ayushman Bharat, 50 crore Indians are going to get assistance. In November 2016, there were only 4000 transactions per day on BHIM UPI app and in December 2018 it has reached 2 crores transaction per day, this is being propelled by people living in smaller cities", Mr Prasad noted.

He also added that there was a time when India consisted of only 2 mobile manufacturers and today there are 127 mobile manufacturers making India the second largest mobile manufacturing country only second after China. Our idea is to make India the biggest manufacturing hub in the field of electronics with one crore employment in the electronics sector and 35-40 lakhs in the software sector.

Rajan Mathew, Director General, Cellular Operators Association of India (COAI) while speaking on 'Is India 5G ready’? said " India is still behind in the race for 5G, there is tremendous long-term investment required to get our 4G networks in shape, keeping in mind capacity and quality issues. We are looking at $ 100 billion investment requirement which will primarily be driven by the private sector and unless issues of financial stress are dealt with, we are far from reaching the 5G era.

The fifth digital India summit addressed the key sectors and industries in digital transformation including E-Campaigning, E-Health, E-Commerce, Financial Inclusion to Digital Payments, E-Food to Entertainment and Travel.UNI