New Delhi: Technology and digitisation will play a key role in achieving the $5 trillion economy tag. To ensure fast and efficient digitalisation, India’s regulatory approach should focus on regulating ‘core’ industry players, and not entities that fall on the ‘edge’ of the regulatory spectrum. This can be done by drafting clearly articulated outcome-based regulations, according to a recent study conducted by the Internet and Mobile Association of India (IAMAI).
The report titled “Digital Technology Policy for India’s $5 Trillion Economy", authored by Ikigai Law, presents a set of guiding principles that may be used to make appropriate technology policy that India needs on its way to becoming a $5 trillion economy with its attendant socio-economic benefits to the citizens.
It is also important to make regulations that tackle real threats, as opposed to perceived challenges. This allows nascent and emerging industries to stand on their feet before being subjected to strict regulatory scrutiny.
According to the report, the digital sector itself accounts for an estimated $1 trillion. The positive externalities and the multiplier effect that digital and emerging technologies are going to bring about are going to be at the root of India’s endeavours. Affordable access to the internet has been allowing Indian consumers to become well-connected with the marketplace regardless of geographic location, making room for fast-moving technology-based businesses with significant economic potential.