KV Kamath says digital economy can contribute 25% of GDP growth in FY29 by the time India becomes US$ 7 trillion economy in FY29.

Renowned banker KV Kamath, who now heads the National Bank for Infrastructure and Development (NaBFID), expects the digital sector to contribute a quarter of GDP growth by the time the economy becomes a US$7 trillion giant in FY29 . Currently, the share of the digital economy is a low percent, while in China it is up to 0 percent. The government and planners see the economy as the third largest in the world by FY29, ahead of Japan. GDP is $7 trillion, compared to $3.3 trillion today.
The digital economy – digital infrastructure, e-commerce and other digital payments and services segments – could be the country’s biggest driver of growth, accounting for up to 25 percent of GDP growth by the time India reaches $7. trillion economies by the 29th financial year. Currently, the share is at a low percent, Kamath told PTI in an interaction over the weekend. “Up to 0 percent of China’s economy today comes from the digital sector, and I see no reason why we can’t achieve that,” quipped the former ICICI Bank chairman.

This News is Written by Miss. Ankita , Associate , All India Legal Forum .