1000 Day Plan for 1 trillion Dollar Digital Economy_00.1
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1000 Day Plan for 1 trillion Dollar Digital Economy

 

Relevance

  • GS 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

 

Context

  • Recently, Ministry of Electronics and IT (MeitY) has framed a 1,000-day agenda, to make India a $1 trillion digital economy over the next few years.

 

Key focus areas

  • The plan focuses on how to expand the digital economy piece.
  • As per the new agenda, the aim is to make laws governing the tech, social media and cyberspace “simple and world-class.”
  • High-tech areas and developing skills: The areas identified include AI, Cyber Security, Super Computing, Semiconductors, Blockchain and Quantum Computing.
  • Skills and talent development: There has been a surge in the need for talent post-Covid-19 since the digitalisation efforts of companies have gone up.
  • Employment: The plan aims to create 1 crore skilled IT manpower in 3 years.
  • Semiconductors manufacturers and high value-added products: The current global shortage of chips has built a strong case for India to fast-track its own semiconductor manufacturing plans.

 

1000 Day Plan for 1 trillion Dollar Digital Economy_50.1

 

What is a digital economy?

  • The digital economy refers to a broad range of economic activities that use digitized information and knowledge as key factors of production.
  • The internet, cloud computing, big data, fintech, and other new digital technologies are used to collect, store, analyze, and share information digitally and transform social interactions.
  • The digital economy has the potential to radically change the social environment and economic activities of the world.
  • It is already experiencing high growth, rapid innovation, and broad application to other economic sectors.

 

Stablecoins

 

Benefits

  • The digitization of the economy creates benefits and efficiencies as digital technologies drive innovation and fuel job opportunities and economic growth.
  • The digital economy also permeates all aspects of society, influencing the way people interact and bringing about broad sociological changes.
  • Financial technologies have also given rise to new ways of delivering financial services thus promoting financial inclusion in many developing countries.
  • Digitized, networked, and intelligent information and communications technologies (ICTs) enable modern economic activities to be more flexible, agile, and smart.

 

Challenges

  • Despite the vast opportunities presented by the digital economy, the developing countries have not yet fully realized the potential of harnessing digital technology for sustainable development, due to factors like
    • poor ICT infrastructure,
    • inadequate skills development,
    • and socioeconomic barriers

 

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