India to be $1 trillion digital economy by FY28: IT minister Rajeev Chandrasekhar

India’s digital economy is growing at 2.8% per annum and is expected to reach $1 trillion by 2027-28. The IT Minister said that the value of the India AI mission will be doubled to Rs 20,000 crore from Rs 10,000 crore.

The Government earlier expected India to reach the $1 trillion-mark by 2026-27 but the target has been moved by a year due to various reasons, including the Covid-19 pandemic. This vision of Prime Minister Narendra Modi laid down in 2015 has played out well. India is a fastest growing digital economy of the world.

The IT Minister said the prime minister has already approved Rs 1 lakh crore as seed fund, which will be invested in research and development for fuel innovation and India AI mission with a total value of Rs 20,000 crore.

The cabinet has approved only around Rs 10,000 crore for India AI mission but the minister said the total value is about Rs 20,000 crores. “There are many, many more things to be done to continue this growth, including access to capital, lower cost of capital, issues of customs, duties for manufacturing.

These are all things on the government’s radar. The Indian innovation ecosystem continues to grow and will become one of the leading innovation ecosystems in the world. Every Indian will have an internet connection and will be fully digitally empowered as part of Prime Minister’s vision for Digital India launched in 2015.