Indian tech sector to be USD1 tn opportunity by 2023: Official

Indian technology sector is expected to be around USD 1 trillion opportunity in next 5-7 years and has potential to contribute 25 per cent to the GDP, a senior government official said today.
"The technology sector is going to be USD 1 trillion opportunity in the next 5-7 years. You have around USD 400 billion of hardware, around USD 350 billion of IT, ITes and e-commerce and another USD 250 billion of telecommunications and IoT," Deity Additional Secretary Ajay Kumar said at IESA Vision Summit.
He said the sector is estimated to contribute between 20-25 per cent to India GDP.

According to National Policy on Electronics 2012, India will be USD 400 billion electronics market by 2020. Government has received investment proposals worth Rs 1.14 lakh crore from 159 entities.
Kumar said that government is trying to spur the ecosystem through Digital India.
"Except mobile phones, other devices have penetrated only about 6-10 per cent of Indian population be it laptop, washing machine, medical devices. In comparable countries the same is 62 per cent," Kumar said.

He said in last 10 months, major mobile companies have started making phones in India and manufacturing capacity of 9 million phones have been set up in the country.

"Automotive electronics, photo-voltaic segment has seen tremendous interest. Indian business houses that have kept their investments away from electronics sector are now coming it in a big. To name a few Hero group has come into electronics, Century Plywoods have also come in and many more are making," Kumar said.
He touched upon various programmes under Digital India like Digital Locker and e-sign services. The digital locker enables citizen to save official documents in an online account and does not require to be attested when required for accessing government services.
"Government is now in process of creating an ecosystem for digital locker providers which will enable partners to set up digital locker services similar to DMAT services provided by depositories for shares. Similarly e-sign providers ecosystem is being created. Each of the opportunity will spur demand for technology," Kumar said.

He said that it is believed that converting physical payments into online will increase GDP by 1 per cent.
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