NEW DELHI: The government plans to hire an agency to measure the actual size of the digital economy, which is estimated at around $1 trillion by 2025, according to an official document.
The selected agency will be bound to the contract for a period of nine months.
The agency must submit the draft report estimating the size of the digital economy and forecasts for the current financial year to 2029/30 to the Ministry of Electronics and IT (MeitY) within 32 weeks of the selection date.
“The RFP aims to submit proposals in the area of estimating and measuring India’s digital economy, including formulating a measurement framework, data collection and identifying digital interventions,” the document reads.
The report also looks at the state rankings and their share in the digital economy, and the impact of e-commerce and new technologies on that economy.
“Collective action is required in Indian team spirit and in collaboration between the government and the private/social sector,” the document said.
MeitY previously released a report titled India’s Trillion Dollar Digital Opportunity, which identified 30 digital themes ranging from IT infrastructure, software capabilities and healthcare education to next-gen financial services.
It is estimated that digital transformation will create $1 trillion in economic value by 2025 and create 60 to 65 million jobs.
“Sectors such as agriculture, health and education will benefit from digitization with an economic value of 390 to 500 billion US dollars,” it said.
According to a joint report by Google, Temasek and Bain & Company, India’s internet economy alone is expected to grow six-fold and reach $1 trillion by 2030.
The report estimates that India’s internet economy will be $155-175 billion in 2022.
A report commissioned by the Broadband India Forum, released earlier this month, predicts that India’s app economy will reach about $792 billion by 2030, accounting for 12 percent of the country’s estimated $6.59 trillion GDP. equivalent to dollars.
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