New Delhi: The government will soon come out with a new electronic and software products policy, and the framework for a data security and protection policy, as it aims to build a $1 trillion digital economy.
“We will be shortly laying out a new electronics policy to boost electronics manufacturing. There is a need to look inwards for software in Indian markets therefore we’ll go with a new software policy and we are also going to have a framework for a data security and data protection policy," Ravi Shankar Prasad, Union minister for electronics and information technology, told reporters an event organized to develop a road map for the One Trillion Dollar Digital Economy in India.
“India is well set to become a $1 trillion digital economy in the next 7 years and it rather looks like an easy target. However, the challenge would be to reach this target in 3-4 years," he said.
Prasad said IT, e-commerce, communications, electronics manufacturing, Internet of Things, start-ups and cyber security will be among the key drivers for achieving the $1 trillion digital economy target. He did not set any deadline.
Executives from companies like Infosys Ltd, International Business Machines Corp., Wipro Ltd, Google, Microsoft Corp., Tech Mahindra Ltd, Intel Corp., as well as the National Association of Software and Service Companies and the Internet and Mobile Association of India participated in the meeting with the IT ministry.
Panasonic India, NIIT, Quickheal, Practo, Hike, Lava International Ltd, Cyient Ltd, Indian Venture Capital and Private Equity Association (IVCA), and National Payments Corporation of India (NPCI) also participated in the meeting.
“A lot of participants spoke about the need to have start-up clusters... an idea has come, which we’ll explore, that is to set up special innovative zones for start-ups. We will also look to having a framework for a dispute resolution policy," added Prasad.
The key discussion areas included ways to increase the impact of digital on various sectors such as health, education and financial inclusion; accelerating employment opportunities, innovations to fast-track digitization and developing solutions for India and emerging markets by exploring public-private partnerships.
Slamming the recent media reports on job cuts, Prasad said, “In today’s world, capital is available, but human resource is scarce, particularly digitally skilled human resources. India with its huge population and demographic dividend has good potential. We need to work together in a big way for digital skilling."