Digital economy poised to be 20% of GDP by 2026: RBI report
4 months, 3 weeks ago

Digital economy poised to be 20% of GDP by 2026: RBI report

New Indian Express  

MUMBAI: The sweeping digitisation of the financial markets and payments system will drive the country’s digital economy, which currently accounts for a tenth of the GDP, and constitute a fifth or 20 percent of the GDP by 2026 says a report prepared by the Reserve Bank. Although internet penetration was at 55 percent in 2023, the internet user base has grown by 199 million in the recent three years. Our cost per gigabyte of data consumed is the lowest globally at an average of Rs 13.32 per GB and the country also has one of the highest mobile data consumption in the world, with an average per-user per-month consumption of 24.1 GB in 2023, RBI said in its ‘Report on Currency and Finance for 2023-24', released Monday. “It is estimated that the domestic digital economy currently accounts for a tenth of our GDP and going by the growth rate observed over the past decade, it is poised to constitute a fifth of the GDP by 2026,” the report said.

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History of this topic

Digital Push Propelling Media Revenue Growth to 8%
2 months, 2 weeks ago

Digital Push Propelling Media Revenue Growth to 8%

New Indian Express  

Media companies are expected to see significant growth in their digital space, with revenue growth projected to reach 8% per year over the next two years. This growth will be driven by increased ad revenue and the expansion of the digital segment's share of the revenue pie. The overall revenue of media players is expected to grow 8% annually over …

India's GDP growth moderates to 6.7% in Q1 2024-25, lowest growth in five consecutive quarters
3 months, 3 weeks ago

India's GDP growth moderates to 6.7% in Q1 2024-25, lowest growth in five consecutive quarters

Hindustan Times  

India's Gross Domestic Product moderated to 6.7% during the first quarter of the financial year 2024-25, compared to the 8.2% growth seen in the same quarter of the previous year, according to the data released by the Ministry of Statistics and Programme Implementation on Friday, August 30, 2024. India's GDP moderates to 6.7% in Q1 2024-25 {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} …

Lead in digital sector — how cool is that for China!
4 months, 2 weeks ago

Lead in digital sector — how cool is that for China!

China Daily  

The milk is packaged automatically. As the economy is transitioning from a phase of rapid growth to a new phase of high-quality development, the country is shifting its focus to emerging industries, creating new business models and fostering new growth drivers in a bid to promote the development of productive forces featuring high technology, high performance and high quality. China …

Lead in digital sector — how cool is that for China!
4 months, 2 weeks ago

Lead in digital sector — how cool is that for China!

China Daily  

By Ouyang Shijia | China Daily | Updated: 2024-08-05 09:15 The milk is packaged automatically. As the economy is transitioning from a phase of rapid growth to a new phase of high-quality development, the country is shifting its focus to emerging industries, creating new business models and fostering new growth drivers in a bid to promote the development of productive …

Country to help digital economy to thrive
5 months, 2 weeks ago

Country to help digital economy to thrive

China Daily  

A visitor tries out a 3D camera during the Global Digital Economy Conference 2024 in Beijing, July 2, 2024. China will employ a raft of well-focused policy steps to foster a more enabling climate for the development of the digital economy, the State Council, the country's Cabinet, said on Friday. China's total data output reached 32.85 zettabytes in 2023, up …

Robust digital infrastructure set to bring gigabit connectivity to over 100 million Indians by 2030
7 months, 1 week ago

Robust digital infrastructure set to bring gigabit connectivity to over 100 million Indians by 2030

India TV News  

As India continues to build a robust and resilient core digital infrastructure, the nation can achieve gigabit connectivity to all households or at least 100-110 million households by 2030, industry experts stated. Furthermore, fixed broadband subscriptions in India are at a mere 2.85 per 100 people, and almost one-fourth of the global average. "With fixed broadband data usage reaching 10-20 …

Exploring value of data to boost sustainable development
8 months, 1 week ago

Exploring value of data to boost sustainable development

China Daily  

China is exploring the value of data as a factor of production to boost sustainable development. BEIJING - China is exploring the value of data as a factor of production to boost sustainable development, at a time when the emerging digital economy is creating new growth momentum through forging new production supply and consumer demand. Its scale of computing power …

Exploring value of data to boost sustainable development
8 months, 1 week ago

Exploring value of data to boost sustainable development

China Daily  

Xinhua | Updated: 2024-04-11 17:22 China is exploring the value of data as a factor of production to boost sustainable development. BEIJING - China is exploring the value of data as a factor of production to boost sustainable development, at a time when the emerging digital economy is creating new growth momentum through forging new production supply and consumer demand. …

Digital economy leaves imprint despite turbulence
9 months ago

Digital economy leaves imprint despite turbulence

China Daily  

A worker checks on seedlings at a digitalized plantation base in Chongqing on March 14. China, the experts said, offers a glimpse by placing the development of a digital economy at the top of the agenda and launching various measures to bridge the digital divide. In December, the National Development and Reform Commission and the National Data Administration jointly launched …

Economy to grow by 7.3 per cent in current fiscal against 7.2 per cent in 2022-23, govt estimates
11 months, 2 weeks ago

Economy to grow by 7.3 per cent in current fiscal against 7.2 per cent in 2022-23, govt estimates

India TV News  

The government on Friday estimated that the Indian economy will grow by 7.3 per cent in current fiscal against 7.2 per cent expansion in Financial Year 2022-23. Releasing the first advance estimates of National Income for 2023-24, the NSO said, "Real GDP or GDP at Constant Prices in the year 2023-24 is estimated to attain a level of Rs 171.79 …

Digital economy to contribute 20% of India’s GDP by 2026: Union Minister Rajeev Chandrasekhar
1 year ago

Digital economy to contribute 20% of India’s GDP by 2026: Union Minister Rajeev Chandrasekhar

India TV News  

Gandhinagar: Union minister Rajeev Chandrasekhar on Thursday said that the digital economy will contribute 20 per cent of India's gross domestic product by 2026. Rajeev Chandrasekhar on digital economy "In 2014, the digital economy was around 4.5 per cent of the GDP and today it is 11 per cent. India has now become fastest-growing digital economy The Union Minister asserted …

Government to hire agency to estimate size of digital economy
1 year, 5 months ago

Government to hire agency to estimate size of digital economy

Deccan Chronicle  

New Delhi: The government is planning to hire an agency to measure the actual size of the digital economy which is estimated to be around USD 1 trillion by 2025, according to an official document. "The RFP aims to invite proposal in the area of estimation and measurement of India's digital economy including formulation of measurement framework, capturing data and …

How Much is India’s ‘Digital Economy’ Worth? In a First, Modi Govt to Measure in Next 9 Months
1 year, 5 months ago

How Much is India’s ‘Digital Economy’ Worth? In a First, Modi Govt to Measure in Next 9 Months

News 18  

The Narendra Modi-led central government, for the first time, will measure the size of India’s ‘digital economy’. The government has put prime focus on ‘digitalisation’ but the measurement of the ‘digital economy’ has not been institutionalised in India. According to senior officials, an exercise will be conducted over the next nine months involving “estimation and measurement of India’s digital economy”, …

Smartphone data consumption to reach 62 GB in next five years: Report
1 year, 6 months ago

Smartphone data consumption to reach 62 GB in next five years: Report

The Hindu  

Average data traffic per smartphone is projected to grow from 26 GB per month in 2022 to around 62 GB per month in 2028 with a CAGR of 16 percent, reveals the June 2023 edition of the Ericsson Mobility Report. It says, total mobile data traffic is estimated to grow from 18 EB per month in 2022 to 58 EB …

India’s GDP has touched $3.75 trillion-mark in 2023: Nirmala Sitharaman
1 year, 6 months ago

India’s GDP has touched $3.75 trillion-mark in 2023: Nirmala Sitharaman

Live Mint  

India's gross domestic product has touched the $3.75 trillion-mark in 2023 so far from around $2 trillion in 2014, said finance minister Nirmala Sitharaman on June 12. Recent government data revealed that India's GDP grew by 6.1 per cent in the fourth quarter of fiscal year 2022-23 beating Street estimates. Recently, ratings agency Moody's estimated the Indian economy to clock …

Internet economy to become 12–13% of GDP by 2030: Report
1 year, 6 months ago

Internet economy to become 12–13% of GDP by 2030: Report

The Hindu  

India’s internet economy — B2C e-commerce firms, online service providers, ed-tech companies, and so on — will hit $1 trillion in value by 2030, up from $175 billion in 2022, a report by Google, Bain & Company and Temasek estimated. The key thrust would come from “Tier 2+ locations,” the report said, emphasising smaller towns and rural areas, where the …

FY23 GDP growth hits 7.2% after a strong Q4
1 year, 6 months ago

FY23 GDP growth hits 7.2% after a strong Q4

Hindustan Times  

The Indian economy grew at 7.2% in the fiscal year 2022-23, positively surprising most analysts and exceeding the government’s own projection of 7% GDP growth. GDP growth in the quarter ending March 2023 was 6.1%, which is a full percentage point higher than the median forecast of 5.1% by a Bloomberg poll of economists. While goods and services exports grew …

India's GDP grows at 6.1 per cent in January-March 2023: Government data | DETAILS
1 year, 6 months ago

India's GDP grows at 6.1 per cent in January-March 2023: Government data | DETAILS

India TV News  

India's GDP Growth: National Statistical Office on Wednesday released data mentioning that India's economy grew 6.1 percent in the fourth quarter of 2022-23. According to data released by the National Statistical Office, the Gross Domestic Product had expanded by 4 percent in the January-March period of 2021-22. The economy expanded 7.2 per cent in 2022-23 against a 9.1 per cent …

GDP growth may cross 7% in 2022-23: RBI Governor
1 year, 6 months ago

GDP growth may cross 7% in 2022-23: RBI Governor

The Hindu  

India’s GDP growth in 2022-23 may well surpass the 7% estimate, while retail inflation is likely to go below the 4.7% mark this month, and gross non-performing assets in the banking system have likely dipped further in the January to March 2023 quarter, Reserve Bank of India Governor Shaktikanta Das said on Wednesday. “I will not be surprised if India’s …

India expected to become 50% non-cash economy in consumption by 2026
1 year, 7 months ago

India expected to become 50% non-cash economy in consumption by 2026

Firstpost  

India is expected to become a 50 per cent non-cash economy in consumption in the next three years. According to a new report, the person-to-merchat digital transactions could reach over $1.5 trillion by the Financial Year 2026. Saurabh Trehan, Partner and Leader of the Financial Services practice, Bain & Company, said, “With the current technical and financial momentum, India is …

Over 50% Indians are active internet users now; base to reach 900 million by 2025: report
1 year, 7 months ago

Over 50% Indians are active internet users now; base to reach 900 million by 2025: report

The Hindu  

For the first first more than half of Indians, 759 million citizens, are active internet users and access the internet at least once a month, a joint report by industry body IAMAI and market data analytics firm Kantar said on May 3. This is for the first time that the majority of Indians have become active internet users," the Internet …

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records
1 year, 10 months ago

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records

News 18  

The number of digital transactions in India in this financial year is at a historic high, zooming past the last fiscal’s figure with still three months to go. The latest government data reveals that 9,192 crore digital transactions have been done in the country in this financial year till December 31, 2022. The total value of digital transactions in India …

RBI projects economic growth at 6.4% for next fiscal
1 year, 10 months ago

RBI projects economic growth at 6.4% for next fiscal

Firstpost  

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the RBI’s internal survey says manufacturing, services and infrastructure sector firms are optimistic of the business outlook New Delhi: The Reserve Bank of India has projected India’s economic growth to slow down to 6.4 per cent in FY24 from 7 per cent in the current fiscal, citing risks from geo-political …

Economic Survey 2023 UPI-Based Transaction Sees 121 Pc Growth Between 2019-22 Nirmala Sitharaman Union Budget
1 year, 10 months ago

Economic Survey 2023 UPI-Based Transaction Sees 121 Pc Growth Between 2019-22 Nirmala Sitharaman Union Budget

ABP News  

The Economic Survey was tabled in Parliament on Tuesday by Finance Minister Nirmala Sitharaman, kicking off the Budget 2023 session. The Survey also noted that Unified Payments Interface has seen a great boost in recent years, registering a growth in value as well as volume, in turn leading to global adoption. The survey noted that between 2019 and 2022, UPI-based …

Economic Survey 2023 Over 98 Pc Telephone Subscribers Are Connected Wirelessly, Rural Internet Subscription Sees 200 Pc Increase Union Budget Nirmala Sitharaman
1 year, 10 months ago

Economic Survey 2023 Over 98 Pc Telephone Subscribers Are Connected Wirelessly, Rural Internet Subscription Sees 200 Pc Increase Union Budget Nirmala Sitharaman

ABP News  

Union Finance Minister Nirmala Sitharaman on Tuesday tabled the Economic Survey report in Parliament, to kick off the Budget 2023 session. The survey also highlighted several statistics on the country’s digital public infrastructure, highlighting that over 98 per cent of the total telephone subscribers are connected wirelessly, showing an increase in mobile usage. Between 2015 and 2021, the Survey noted …

Economic Survey: GDP to grow at 6.5% in 2023-24 compared to 7% this fiscal
1 year, 10 months ago

Economic Survey: GDP to grow at 6.5% in 2023-24 compared to 7% this fiscal

Hindustan Times  

Union finance minister Nirmala Sitharaman on Tuesday tabled the economic survey 2022-23 in Parliament. The economic survey forecast India's economy to grow at 6.5 per cent in 2023-24, compared to 7 per cent this fiscal and 8.7 per cent in 2021-22. The economic survey forecast its economy will grow 6 per cent to 6.8 per cent in the next financial …

G20 offers India chance to be the architect of a new digital economy
2 years, 1 month ago

G20 offers India chance to be the architect of a new digital economy

Live Mint  

There are decades where nothing happens; and there are weeks where decades happen." And as the rules of a new digital world are written, India’s G20 presidency for 2023 will offer us a platform to showcase our success story of ‘best known practices’ that others can learn from. India is well poised today to lead the creation of a global …

India’s GDP grows at 13.5% in April-June quarter
2 years, 3 months ago

India’s GDP grows at 13.5% in April-June quarter

The Hindu  

India's Gross Domestic Product grew at 13.5% in the first quarter of 2022-23, the fastest pace in four quarters, with the Gross Value Added in the economy rising by 12.7%, as per National Statistical Office estimates released on Augsut 31. The economy’s latest growth print, aided by a pick-up in private consumption spending and capital investments, is significantly lower than …

India's GDP grows at 13.5% in April-June quarter of FY23, lower than RBI estimate
2 years, 3 months ago

India's GDP grows at 13.5% in April-June quarter of FY23, lower than RBI estimate

India Today  

India's gross domestic product grew at 13.5 per cent in the April-June quarter of the financial year 2022-23, according to the data released by the National Statistical Office on Wednesday. In its monetary policy meeting earlier this month, the RBI had pegged the growth rate to be around 16.2 per cent in the April-June quarter. In the April-June quarter of …

We are well placed to let fintech lead the success of Digital India
2 years, 4 months ago

We are well placed to let fintech lead the success of Digital India

Live Mint  

From a 6.6% contraction in 2020-21, the Indian economy recorded a sharp rebound of 8.7% growth in 2021-22, by provisional estimates. The Niti Aayog report, India’s Booming Gig and Platform Economy, has underscored the role of fintech and a regulatory sandbox regime in helping India achieve its $5 trillion target. Broadly, the fintech sector is regulated under five regulations: the …

Expecting 7.5 pc economic growth rate this year: Modi
2 years, 6 months ago

Expecting 7.5 pc economic growth rate this year: Modi

Deccan Chronicle  

New Delhi: Ahead of the virtual BRICS Summit to be hosted by China starting on Thursday, Prime Minister Narendra Modi told the BRICS Business Forum on Wednesday that India is the fastest growing major economy with an expected 7.5 per cent growth this year. He credited the government’s "reform, perform and transform" mantra for the achievement and added that by …

GDP grew 8.7% in 2021-22 against 6.6% in previous fiscal: Govt
2 years, 6 months ago

GDP grew 8.7% in 2021-22 against 6.6% in previous fiscal: Govt

India TV News  

Highlights Indian economy expanded by 8.7 per cent in 2021-22 against a 6.6 per cent contraction in 2020-21. The GDP grew by 4.1 per cent in the fourth quarter of 2021-22, showed govt data. India's economy grew by 4.1 per cent in the fourth quarter of 2021-22, pushing up the annual growth rate to 8.7 per cent, official data showed …

India's Q4 GDP Grows At 4.1%, Growth in FY22 Improves To 8.7%
2 years, 6 months ago

India's Q4 GDP Grows At 4.1%, Growth in FY22 Improves To 8.7%

News 18  

India’s gross domestic product grew 4.1 per cent in the fourth quarter of the financial year 2021-22. For the full financial year 2021-22, the GDP saw a growth of 8.7 per cent. The GDP growth of 8.7 per cent in 2021-22 is significantly better than last year’s 6.6 per cent contraction and points towards a recovery from the pandemic-driven slowdown. …

Manufacturers embrace the digital economy
2 years, 7 months ago

Manufacturers embrace the digital economy

China Daily  

A worker displays smart monitoring equipment at the expo on June 24. Haier's digitalization drive offers a glimpse of how Chinese manufacturers, especially those in traditional industries, are embracing the digital economy, which is mainly represented by emerging information technologies and has become a key engine driving economic growth. Experts said the nation's greater emphasis on the sound development of …

India’s digital economy to see exponential growth to $800 bn by 2030: FM
2 years, 9 months ago

India’s digital economy to see exponential growth to $800 bn by 2030: FM

Live Mint  

India's digital economy is expected to witness exponential growth to $800 billion by 2030 on the back of rising internet penetration and increasing income, Finance Minister Nirmala Sitharaman said on Friday. "They may function from one place but they may serve any number of districts but we are also targeting 75 districts to be covered and I guess the DPU …

Digital Transactions This Financial Year May Touch Volume of 70 Billion, Cross Pandemic Year Record
3 years ago

Digital Transactions This Financial Year May Touch Volume of 70 Billion, Cross Pandemic Year Record

News 18  

The volume of digital payments made by Indians in the current financial year is set to hit 70 billion at the current pace and easily surpass the record levels of 2020-21 when the Covid-19 pandemic had hit home and made people shift to doing digital payments in a big way. This is already in touching distance of 45.72 billion digital …

In India, 7.3% of the population owned digital currency in 2021, seventh highest in the world: U.N.
3 years, 5 months ago

In India, 7.3% of the population owned digital currency in 2021, seventh highest in the world: U.N.

The Hindu  

Over seven per cent of India’s population owns digital currency, according to the U.N., which said that the use of cryptocurrency rose globally at an unprecedented rate during the COVID-19 pandemic. The U.N. trade and development body UNCTAD said that in 2021, developing countries accounted for 15 of the top 20 economies when it comes to the share of the …

Digital economy key for nation's development
3 years, 7 months ago

Digital economy key for nation's development

China Daily  

By ZHU WENQIAN and HU MEIDONG | China Daily | Updated: 2021-04-26 Huang Kunming, a member of the Political Bureau of the Communist Party of China Central Committee and head of the Publicity Department of the CPC Central Committee, attends and makes a keynote speech at the opening ceremony of the fourth Digital China Summit in Fuzhou, East China's Fujian …

$271 bn consumer spending to shift from cash to cards,digital payments by 2023 in India:Accenture
4 years ago

$271 bn consumer spending to shift from cash to cards,digital payments by 2023 in India:Accenture

The Hindu  

About 66.6 billion transactions worth USD 270.7 billion are expected to shift from cash to cards and digital payments by 2023 in India, and further increase to USD 856.6 billion by 2030, a report by Accenture said on Tuesday. This rapid shift to digital payments due to the COVID-19 pandemic is urgently increasing the need for banks to modernise their …

Jinan sets ambitious goal for digital industry development
4 years, 2 months ago

Jinan sets ambitious goal for digital industry development

China Daily  

Jinan, East China's Shandong province is ramping up efforts to promote its digital economy and elevate it to a world-class level by 2030, officials announced at a news briefing on Oct 19. Jinan will work with the Shandong provincial government to foster innovative enterprises and industrial clusters so that it can become a national leading technology center for computing power, …

Digitisation And Affordable Tech: 14 Lakh Pre-Owned Smartphones Sold In 2019 - News18
4 years, 4 months ago

Digitisation And Affordable Tech: 14 Lakh Pre-Owned Smartphones Sold In 2019 - News18

News 18  

Do you remember the time when purchasing a smartphone was a ‘day out’ activity planned with a friend or family member? An estimated 90% of the population today has access to digital technology that is an integral part of people’s lives, starting from communication support, managing work, engaging in e-commerce, to fuelling economic growth. As per McKinsey’s Digital India report, …

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