India has potential of becoming $1 trillion digital economy in next 5 years

NEW DELHI: India’s goal of becoming a $1 trillion digital economy in the next five years might actualize as the country has untapped potential in manufacturing, engineering, and digitalization, said Rajeev Chandrasekhar, Minister of State for Electronics and IT, Government of India, on Wednesday, October 6. 

Speaking at the Design and Engineering Summit of the IT industry association in Nasscom, Chandrasekhar said that the COVID-19 induced pandemic has promoted a shift in innovation patterns. During the pandemic, new opportunities in how products are designed, engineered, consumed, and serviced through smart, software-led processes were also observed. 

He added that such a shift has led to capacity building, digital innovation, and enhanced cyber security. Chandrasekhar informed that the Engineering, Research, and Development sector has generated over $31 billion in revenue and over 1,000 companies from across the world are operating from the country. “India houses headquarters of several engineering services for global companies,” said the minister. 

He stated that the country should build innovative solutions to meet its Sustainable Development Goals and build solutions that would prevent such calamities in the future.