Technology sector in India with its continued growth is expected to become a $1 trillion opportunity in next 5-7 years. The sector can then contribute 25% to the GDP. `
Deity Additional Secretary Ajay Kumar at IESA Vision Summit said that the sector will be a $1 trillion opportunity and have around $400 billion of hardware, around $350 billion of IT, ITes and e-commerce and another $250 billion of telecommunications and IoT.
The Government is planning to achieve these numbers through Digital India. He further added that Government is creating an ecosystem for digital locker providers which will enable partners to set up digital locker services. In addition to this, e-sign providers ecosystem is also being created. Online payments will contribute 1% to the GDP.
Interestingly, apart from mobile phones other devices have penetrated only 6-10% while in other countries it is 62%. But, Ajay Kumar added that automotive electronics, photo-voltaic segment has seen tremendous interest and the Indian business houses which were earlier reluctant to invest in electronic sector are now coming out in a big way.