The Big Picture: Budget Expectations - Digital Economy
The Government in its Union Budget for FY 2019-20, called for additional investments in boosting the digital economy, while also making digital transactions more attractive, thus reiterating its vision to develop the sector. India's digital consumer base is the world's second-largest, as well as the second-fastest growing among 17 major economies, as per findings of the India Economic Survey. And this base is core to the creation of future economic value and societal empowerment as digital solutions backed by new-gen technologies such as artificial intelligence (AI), internet of things (IoT) and automation become universal. It is no surprise that the growing digital economy in India is envisaged to reach a value of nearly $1 trillion by 2025 - a fivefold increase from 2019. Right from multinationals to government entities to entrepreneurs of all sizes, digitalisation is making Indian enterprises future-ready to take advantage of opportunities and overcome challenges. This is in line with the Government's ambitious vision to make India a $5-trillion economy by 2025.