(MENAFN- KNN India)
New Delhi, Jan 23 (KNN) India's digital Economy is set to experience exponential growth, projected to contribute nearly one-fifth of the country's national income by 2029-2030, according to a report released by the Ministry of Electronics and Information technology (MeitY) on January 22.
The comprehensive study, titled 'Estimation and Measurement of India's Digital Economy', represents the first systematic attempt to quantify the value and employment generated by the nation's digital sector.
It forecasts a transformative trajectory that will see the digital economy surpassing both agriculture and manufacturing in less than six years.
As of 2022-23, the digital economy already contributes 11.74 percent of India's national income, translating to Rs 28.94 trillion in Gross Value Added and Rs 31.64 trillion in GDP.
The report projects this share to increase to 13.42 percent by 2024-25, with the largest contribution coming from information and communication services, telecommunications, and electronics manufacturing.
The sector's growth is expected to be driven primarily by digital intermediaries and platforms, with increasing digital diffusion and broader economic digitalisation.
Currently, big tech players, digital platforms, and intermediaries account for nearly 2 percent of the national Gross Value Added, while industries like banking, financial services, insurance, trade, and education contribute an additional 2 percent.
Employment data reveals that the digital economy employed 14.67 million workers in 2022-23, representing 2.55 percent of India's total workforce.
This stands in stark contrast to agriculture, which remains the largest employer with 263.6 million workers, and manufacturing, which employs 65.6 million workers.
The report underscores India's rapidly evolving digital landscape, signalling a significant economic transformation in the coming years.
(KNN Bureau)
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