Delivering his keynote speech at the Global Economic Summit 2023, Rajeev Chandrasekhar articulated how the government is treading on the path of envisioning a $1 trillion digital economy. During PM Narendra Modi’s tenure, the term “digital economy” has become a mainstream topic of discussion. In addition to the government’s other initiatives, the goal is to provide Internet connectivity to 1,2 billion Indians, said Chandrasekhar.
He discussed the three-pronged plan that PM Modi planned to use as a strategic move to change how people in India use technology. First, he desired that every citizen reap the benefits of technology. Second, he wished to create more economic opportunities for the youth by establishing a digital economy. And third, to become a producer of technologies in the future rather than a mere consumer. In the coming years, this will require rigorous and strategic solutions when developing solutions, platforms, devices, and products.
He talked about how technological transformation has played an instrumental role in changing the landscape of Indian democracy and government, and the exponential rise of startups has directly impacted the economy positively. Our young entrepreneurs are doing phenomenal work by creating pieces of 5G networks like semiconductor devices, products, software as a service, internet platforms, etc.
He further went on to talk about India’s decade as a decade full of technological opportunities that will be driven by young enthusiasts. He elucidated how great opportunities like the digital data protection bill and national data governance policy will further assist the startup culture in India. High-performance computing, quantum computing, blockchain, and AI will be the buzzwords in the upcoming years.
He discussed the ecosystem model, where the idea is to enable startups and the Indian economy to form a network and a partnership to build capabilities in that area. For example, UBI was paid to solve the government problem of accurately and responsibly transmitting government subsidies to a beneficiary without leakages through R&D remediation.