IT cos should look inward: Prasad

IT cos should look inward: Prasad

Digital economy opportunity at $1 tn

IT cos should look inward: Prasad

 Union Minister for Electronics and Information Technology Ravi Shankar Prasad on Saturday said Indian IT companies should look inward and explore $1 trillion business opportunity open up by Digital India initiatives.

Speaking at an interactive meeting with information technology (IT) and electronic system design and manufacturing (ESDM) industry, organised by the Software Technology Parks of India (STPI), Prasad said whenever Indian IT companies go abroad, they don’t steal jobs and instead they make jobs in the respective regions.

“What I would request as minister is, it’s time for Indian IT companies to look inwards. India is creating $1-trillion market with new policy initiatives like Digital India, Make in India, Startup India, Stand-up India and Smart cities,” he said.

He said India is at the cusp of a big digital revolution. “Indian digital economy includes communication, IT/ITeS, ecommerce and digital payments. It is going to be $1 trillion,” said the minister.

“We missed the industrial revolution, we missed the entrepreneur revolution and we don’t want to miss the digital revolution. We want to become the leader in that space, and it is our fundamental philosophy,” he said. The minister said 42 mobile factories and 30 components manufacturers have started operations in India. On the protectionist noises being heard from around the world and the government’s approach towards this, Prasad said, “We are reaching out. But what I am very confident about is the talent of Indian IT minds — that they will always keep the flag flying.”

 “We neither create boundaries nor do we appreciate boundaries. The IT ecosystem is based on reciprocity. Indian human resource contributes to the US economy and many US companies also benefit from India because of Indian minds,” he said.

He also said India is proud of the contribution of Indian IT companies in America and around the world. “They have paid $22 billion as tax revenue in the last five years, they have created four lakh jobs there, and they have given value and competitive edge to nearly two-thirds of the Fortune 500 companies,” he said.