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Govt plans to hire agency to estimate actual size of digital economy?

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Govt plans to hire agency to estimate actual size of digital economy?

  • 09 Jul 2023

The agency will need to submit the draft report on estimation of the size of the digital economy and projections from the current financial year till 2029-30 to Ministry of Electronics and IT

According to a formal document, the government intends to employ a company to evaluate the actual size of the digital economy, which is projected to be close to $1 trillion by 2025.

The chosen agency will be contracted for the job for a duration of nine months.

The agency will have 32 weeks from the date of selection to deliver the draught report to the Ministry of Electronics and IT (MeitY) on the estimation of the size of the digital economy and projections from the current fiscal year through 2029–2030.

"The RFP aims to invite proposals in the area of estimation and measurement of India's digital economy including formulation of measurement framework, capturing data, and identifying digital interventions," the paper stated.

Along with state rankings and their participation in the digital economy, the research will examine how e-commerce and new technologies have affected this sector of the economy.

"Collective action is required in a team India spirit with collaboration between government and private/social sectors," the document stated.

"Sectors like agriculture, health, and education will benefit in the economic value of $390-500 billion from digitalisation," it stated.

A collaborative analysis from Google, Temasek, and Bain & Company predicts that by 2030, the internet economy in India alone will have grown by a factor of six and will be worth $1 trillion.

The report estimated that India's internet economy was $155-175 billion in 2022.

A report commissioned by Broadband India Forum, which was released early this month, projects India's app economy to reach about $792 billion by 2030 which will be 12 per cent of the country's estimated GDP of $6.59 trillion.

 

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