Report has been released by the Ministry of Electronics & Information Technology (MeitY).
- This makes India a first among developing countries in employing the Organization for Economic Cooperation and Development (OECD) framework for the most recent digital economy size assessment.
- The report goes beyond the OECD approach to also include the digital share of traditional industries like trade, banking, financial services, insurance (BFSI) and education.
Key findings
- Status: Digital economy contributed 11.74% of the national income in 2022-23. This is expected to increase to 13.42% by 2024-25.
- India is the third-largest digitalized country globally (State of India’s Digital Economy Report 2024)
- Key sectors/components:
- Digitally Enabling Industries (Major contributor at 7.83% of GVA) includes ICT services, telecommunications etc.
- New Digital Industries such as big tech firms, digital platforms etc.
- Digitalization of Traditional Sectors contributed an additional 2% to the national GVA.
- Employment: In 2022-23, provided employment to 14.67 million workers (2.55% of the workforce)
- Projected Growth: By 2029-30, anticipated to account for nearly one-fifth of India's national income, surpassing agriculture and manufacturing.
Key Recommendations
- Make high-quality broadband universal, Address data gaps by harmonizing and collecting new data, etc.