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India's economy is rapidly converting into a digital economy, with the latter expected to touch the $1-trillion mark by 2022, a top Finance Ministry official said.
By 2030, India will be a $10-trillion economy, with half of this accounted for by the digital economy, Subhash Chandra Garg, Secretary, Department of Economic Affairs, said at the Platinum Jubilee Celebrations of the Institute of Cost Accountants of India (ICAI) here on Saturday.
Garg said 8 per cent GDP growth is achievable for the Indian economy, but may require some hard work. "Good days are ahead. The Indian economy is on the stage of a take-off," he said.
A large part of India's digital journey is now being driven by new trends such as Artificial Intelligence, the Internet of Things and Machine Learning, Garg said. Later, when asked as to what was driving optimism that the digital economy would touch the $1-trillion mark by 2022, Garg told BusinessLine there has been a proliferation of unicorns from India. "India has at least 13 unicorns already. More are coming. You are going to see an enormous conversion of our economy into a digital economy in the coming years," he said.
ADVICE FOR COST ACCOUNTANTS
Earlier, in his address, Garg advised Cost Accountants to concentrate on infrastructure and the new economy. "As the economy transforms into a digital economy, your (cost accountants’) ability to do Big Data for cost analysis will make the difference. Gaining new-age abilities will make the difference," he said.
To a question on Air India and whether the Government was contemplating any fund infusion in the national carrier, Garg told presspersons "that deal (getting a buyer for Air India) did not go through. Restructuring of Air India is taking place on the lines of what possibly was discussed. So wait for some more time, it will happen".
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