Indian digital economy likely to touch $1 trillion-mark by 2022: DEA Secy

Economic Affairs Secretary Subhash Chandra Garg on Saturday said that India's digital economy is expected to touch $1 trillion mark by 2022.

"We expect the Indian economy to be a $1 trillion digital economy by 2022 and going forward... possibly by 2030, the digital economy would be half of the total economy," Garg said at the Platinum Jubilee Celebrations of the Institute of Cost Accountants of India (ICAI) on Saturday.

The Economic Affairs Secretary further said that India is the sixth largest world economy and it would become fifth largest economy by 2022.

"We will become 5th largest economy by 2022. If a situation is favourable then we can become 5th largest economy by 2019 hopefully," he noted.

Garg also underscored that 7-8 per cent rate of growth has become a norm for India. "We have to work hard to grow above the 8 per cent growth rate. The economy is stable."

"Good days are ahead and a lot of good work is happening in the economy. The economy is on a stage of takeoff where Indians can legitimately hold their heads high," he said.

Expressing optimism, the Economics Affairs secretary said, "By 2030 we can expect 10 percent growth rate. This is a challenge but we can achieve. This is a challenge as well as an opportunity for us."

His comments came in the backdrop of latest World Bank data showing that India emerged as the sixth largest economy in the world, surpassing France, last year.

India became the sixth largest economy with a GDP of $2.59 trillion in 2017.