The information technology (IT) Bill, drafted and amended in 1997, did not take convergence into consideration and hence has led to many new authorities.
N L Mitra, director, National Law School, at the `The e-revolution Conference' organised by the Indian Chamber of Commerce (ICC) and Young Leaders Forum, ICC, said, "From 1997 the knowledge component has increased 18 times."
K K Bangur, president, ICC said, "The convergence revolution has just begun to take root in India. New business models have all elements of telecom, media and technology (TMT)."
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A National Association of Software and Service Companies (Nasscom) study revealed that e-commerce transactions in India in 1998-99 were valued at Rs 1310 million and is expected to exceed Rs 4300 million during 1999-2000.
The survey also identifies e-commerce as the "real emerging opportunity" for the Indian software industry and has pegged the revenue generation potential of the domestic market of e-commerce solutions at Rs 3 billion by 2002.
"What we are witnessing is merely a fraction of the true potential of e-commerce," said Bangur.
Atul Pradhan, director KPMG said that the new customer perception value apart from service, quality and price, gives prime importance to time and content.
"The Internet transforms products into offerings where service features prevail," said Pradhan.