Digital Economy

G20 Sherpa's meeting: Negotiations to begin on leaders' statement

There have been differences between the two groupings over the language used to criticize Russia's invasion of Ukraine

Indian Web3 industry growing at 57% CAGR, to reach $1.1 bn by 2032: Report

The Indian Web3 market is expected to reach $1.1 billion by 2032, up from $0.0049 billion in 2022 at a compound annual growth rate (CAGR) of 57 per cent, a report showed on Tuesday

Breaking barriers, building inclusion

By focusing on measures that make financial services available to households and small and medium enterprises, G20 has the potential to make a real difference in people's lives

We're building next-gen AI to become a global powerhouse: Chandrasekhar

Chandrasekhar said that artificial intelligence (AI) is a "kinetic enabler" of the digital economy and the government will infuse more of this disruptive technology into its 'India Stack'

Use of technology will help India become developed nation by 2047: PM Modi

Technology will help India achieve the target of becoming a developed nation by 2047, Prime Minister Narendra Modi said on Tuesday, as he outlined the massive and modern digital infrastructure being created to ensure that benefits of digital revolution reach all citizens. Addressing a post-Budget webinar on 'Unleashing the Potential: Ease of Living Using Technology', Modi said the government wants to reduce the cost of compliance of small businesses, and asked the industry to formulate a list of compliances that can be pruned. "We want to reduce the compliance cost of small businesses. Can you (industry) formulate a list of unnecessary compliances that can be pruned. We have finished 40,000 compliances," Modi said. India is creating a modern digital infrastructure, and ensuring that benefits of digital revolution reach everyone, he noted. Technology is being used to make tax system faceless to address problems faced by taxpayers. "We used technology to make the tax system faceless

Digital economy can contribute 25% GDP, reach $7 trn by FY29: K V Kamath

Noted banker KV Kamath, who now chairs the National Bank for Financing Infrastructure and Development (NaBFID), expects the digital sector to contribute a quarter of the incremental GDP by the time the economy becomes a USD 7 trillion giant by FY29. Currently, the contribution of the digital economy is a low 4 per cent, whereas it is as much as 40 per cent in China. The government and planners see the economy becoming the third largest in the world by FY29, overtaking Japan, with a GDP of USD 7 trillion from the present USD 3.3 trillion. The digital economy -- the digital infrastructure, e-commerce and other digital payments and services segments--can be the country's biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a USD 7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend. "As much as 40 per cent of the Chinese economy come from the digital sector

Digi gender divide worsened in India in recent years, says report

Gender gap score declined between 2014 and 2021

Scale of digital public infrastructure staggering, says UIDAI CEO

The pandemic years strengthened people's awareness about the significance of digital economy, Saurabh Garg, Chief Executive Officer of Aadhaar-issuing body UIDAI said on Friday. The numbers and scale of digital public infrastructure today, are "staggering", Garg said speaking at IPCIDE annual conference 'State of India's Digital Economy'. For Aadhaar, between 2019 to 2022, the number of authentications doubled, he said. "When you consider any of the digital public infrastructure Aadhaar obviously being the foundational ID and therefore being basic to many of the others...We've seen between 2019 to 2022, a 100 per cent increase in the number of authentications that has been done, we've doubled it. And we reached a stage that we're doing around 70 to 80 million transactions per day," Garg said. The growth underscores the point that growth of digital economy is "so much more faster". And with focus now on larger growth for the entire economy, the digital piece will become even more .

Top headlines: FDI equity inflow contracts, no increment for Flipkart execs

Business Standard brings you the top headlines at this hour

MeitY invites proposals to estimate the size of India's digital economy

Govt plans to showcase success of India's digital economy at the G20 summit to be held in New Delhi in Sept

G20 meeting: India to showcase its success in the digital economy

Discussions expected on debt of poor nations, multilateral institution reforms

16-member panel set up to draft Digital Competition Act within 3 months

Panel comprising civil servants, experts will study if Competition Act, 2002 enough to deal with new digital economy

Govt will soon launch new PLI scheme for IT hardware: Union minister

The scheme will provide additional incentives for manufacturers and original equipment manufacturers (OEMs) who incorporate Indian-designed IP into their systems and products

We want to push India's $1 trillion digital economy dream: Satya Nadella

Nadella said that India's tax spend as a percentage of its GDP is becoming normalised when compared to the developed world, and is now among the top 10 countries

Microsoft, NIELIT team up to train youth in cybersecurity skills for jobs

Tech titan Microsoft and National Institute of Electronics and Information Technology (NIELIT) on Wednesday announced a collaboration to increase access to skills for jobs through Cyber Shikshaa and Ready4Cybersecurity programmes. Nearly 3,500 learners will undergo training and receive internship or employment opportunities for in-demand cybersecurity jobs. NIELIT and Microsoft will deploy Cyber Shikshaa and Ready4Cybersecurity programmes in 30 training centres of NIELIT in Tier 2 and Tier 3 towns, with a special focus on Jammu and Kashmir, Ladakh and states in the North-East region of India. NIELIT and Microsoft have collaborated to train youth in cybersecurity skills for jobs, a release said, adding these programmes would be scaled in subsequent years to integrate cybersecurity training programmes in all the training centres of NIELIT. The global cybersecurity skills gap and the lack of diversity in the workforce are among the urgent issues facing the digital economy. Studies sh

Digital economy poised for strong 2023, says MoS IT Rajeev Chandrasekhar

India's digital prowess will grow in 2023 and over the next five years, driven by technology, start ups, semiconductors, electronics and computing, IT Minister Rajeev Chandrasekhar has said allaying any concerns over tech winter, and predicting spring for the country's booming innovation ecosystem. The comments by the IT minister are significant given the backdrop of slowdown headwinds in the West, recent spate of layoffs by US tech giants, global market turmoil, and talks of tech winter. Chandrasekhar, who is the Minister of State for Electronics and IT, told PTI that global and domestic opportunities for digitisation continue to be "very strong". He exuded confidence that India's trillion dollar digital economy vision is "well within our grasp" and "an absolutely incontrovertible fact". The momentum of digital economy will continue in 2023, backed by enabling rules and laws that offer catalysing framework for technological growth and innovation, he promised. It is pertinent to .

Leading the global digital economy

With its abundance of talent, wealth, and innovative capabilities, India's digital ecosystem is a vital global asset that could be harnessed to solve major challenges worldwide

Valuation gap with peers is expected to narrow for Axis Bank

It is leveraging the digital ecosystem, focusing on acquisition of corporate salary accounts, and also cross-selling products to existing clients

India-EU Competition Week on digital resolutions starts on Monday

Experts from the European Union would share their experiences in applying antitrust laws to the digital economy and markets and the introduction of the EU's Digital Markets Act

Digital economy to create 10 million in 2 years: Ashwini Vaishnaw

Start-ups leading technology development, can emerge from small villages even: Minister