IT sector will become $1 trillion economy by 2022, says Ravi Shankar Prasad

IT industry should help India build a $1 trillion digital economy within four years by creating affordable technology and an inclusive environment, Union Minister Ravi Shankar Prasad said on Friday.

Highlighting multi-billion dollar opportunities that exist in areas like IT and IT enabled services, e-commerce, electronics manufacturing, digital payments and cyber security, he said that achieving $1 trillion digital economy is not a "tall claim".

"I don't have any doubt that it will become $1 trillion in 7 year. My humble request is why to wait for 7 years. Can we do it in 3-4 years?" the law and IT minister said in a keynote address to technology leaders here.

The meeting on building India's digital economy was attended by experts like Nasscom President R Chandrashekhar, Google India's Rajan Anandan, Wipro's Rishad Premji, Indian Cellular Association National President Pankaj Mohindroo, Internet and Mobile Association of India President Subho Ray and Hike Messenger CEO Kavin Bharti Mittal among others.

The Indian IT sector has crossed Rs 10 lakh crore in revenue and exports have crossed Rs 7.5 lakh crore, Prasad said, adding that the country needs to develop its own model for digital development that is inclusive.

"Create a technology which is affordable, create infrastructure which is developmental, create an environment which is inclusive," he said.

Companies can also make India a hub of low-cost technology for cyber security, he added.

Minister of State for Law and IT PP Chaudhary said that cyber security is of immense important and companies should look at storing all data within Indian boundaries in a secure manner.