Page 2 - Digital Economy

28% GST on online gaming big blow to $1 trn digital economy target: IAMAI

GST Council's decision to levy a 28 per cent tax on online gaming is a huge blow to India's goal to become a USD 1 trillion digital economy by 2025, industry body IAMAI said on Wednesday. The Internet and Mobile Association of India (IAMAI), which represents internet based companies, said that the net effect of 28 per cent GST (Goods and Services Tax) levy will result into around 1,000 per cent increase in tax on the industry, cause irreversible damage to the USD 2.5 billion investments in the Indian online gaming startup ecosystem, and lead to a complete halt on any prospective foreign direct investment (FDI). "It shall also serve as a huge blow to India's ambitious target to achieve a USD 1 trillion digital economy by 2025," IAMAI said. GST Council decision to impose a 28 per cent tax has been unanimously opposed by the online gaming industry. Online gaming companies have repeatedly asked the government to levy less than 18 per cent GST on skill-based gaming. Industry players ha

Govt plans to hire agency to estimate actual size of digital economy

The government is planning to hire an agency to measure the actual size of the digital economy which is estimated to be around USD 1 trillion by 2025, according to an official document. The selected agency will be roped in for a period of nine months for the assignment. The agency will need to submit the draft report on estimation of the size of the digital economy and projections from the current financial year till 2029-30 to Ministry of Electronics and IT (MeitY) within 32 weeks from the date of selection. "The RFP aims to invite proposal in the area of estimation and measurement of India's digital economy including formulation of measurement framework, capturing data and identifying digital interventions," the document said. The report will also look into state rankings and their share in the digital economy, along with the impact of e-commerce and emerging technology on such economy. "Collective action is required in a team India spirit with collaboration between government a

Govt looking to seek bids for ways to estimate size of digital economy

The IT ministry has floated a request for proposal seeking bids from agencies to provide an estimation of the size of the digital economy by reviewing the existing literature and methodologies

Digital twins will reshape business and society by 2035, shows data

The inaugural Digital Twindex has been prepared by TCS Futurists, based on a study conducted using the Delphi technique

How Digital Public Infrastructure can help in women-led development

It offers an opportunity of using technology to provide credit to deprived communities

Growing beyond years: From 100 to 1.2 mn sellers, Amazon turns 10 in India

Since 2013, when its India e-commerce operations first started, Amazon has invested over $6.5 billion

India's digital economy an example for entire world: President Murmu

President Droupadi Murmu on Thursday said India's digital ecomony has become an example for the globe and urged young IT professionals to come forward to use technology for the welfare of people including vulnerable sections such as handicapped and senior citizens. She was addressing the second convocation of Indian Institute of Information Technology (IIIT Ranchi). "India's digital economy has become an example for the entire world, who could have imagined street vendors using digital means to sell fruits, vegetables," President Murmu said. She said that more than one lakh startups were registered in India, making it the third largest global tech-startup ecosystem. "I urge IT students to come forward for best use of Artificial Intelligence to aid 'Divyang' (handicapped) and senior citizens," the President said. She said that IT sector's importance could be understood from the fact that its contribution to GDP rose to 9 per cent at present from 2 per cent in 1998.

G20 Sherpa's meeting: Negotiations to begin on leaders' statement

There have been differences between the two groupings over the language used to criticize Russia's invasion of Ukraine

Indian Web3 industry growing at 57% CAGR, to reach $1.1 bn by 2032: Report

The Indian Web3 market is expected to reach $1.1 billion by 2032, up from $0.0049 billion in 2022 at a compound annual growth rate (CAGR) of 57 per cent, a report showed on Tuesday

Breaking barriers, building inclusion

By focusing on measures that make financial services available to households and small and medium enterprises, G20 has the potential to make a real difference in people's lives

We're building next-gen AI to become a global powerhouse: Chandrasekhar

Chandrasekhar said that artificial intelligence (AI) is a "kinetic enabler" of the digital economy and the government will infuse more of this disruptive technology into its 'India Stack'

Use of technology will help India become developed nation by 2047: PM Modi

Technology will help India achieve the target of becoming a developed nation by 2047, Prime Minister Narendra Modi said on Tuesday, as he outlined the massive and modern digital infrastructure being created to ensure that benefits of digital revolution reach all citizens. Addressing a post-Budget webinar on 'Unleashing the Potential: Ease of Living Using Technology', Modi said the government wants to reduce the cost of compliance of small businesses, and asked the industry to formulate a list of compliances that can be pruned. "We want to reduce the compliance cost of small businesses. Can you (industry) formulate a list of unnecessary compliances that can be pruned. We have finished 40,000 compliances," Modi said. India is creating a modern digital infrastructure, and ensuring that benefits of digital revolution reach everyone, he noted. Technology is being used to make tax system faceless to address problems faced by taxpayers. "We used technology to make the tax system faceless

Digital economy can contribute 25% GDP, reach $7 trn by FY29: K V Kamath

Noted banker KV Kamath, who now chairs the National Bank for Financing Infrastructure and Development (NaBFID), expects the digital sector to contribute a quarter of the incremental GDP by the time the economy becomes a USD 7 trillion giant by FY29. Currently, the contribution of the digital economy is a low 4 per cent, whereas it is as much as 40 per cent in China. The government and planners see the economy becoming the third largest in the world by FY29, overtaking Japan, with a GDP of USD 7 trillion from the present USD 3.3 trillion. The digital economy -- the digital infrastructure, e-commerce and other digital payments and services segments--can be the country's biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a USD 7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend. "As much as 40 per cent of the Chinese economy come from the digital sector

Digi gender divide worsened in India in recent years, says report

Gender gap score declined between 2014 and 2021

Scale of digital public infrastructure staggering, says UIDAI CEO

The pandemic years strengthened people's awareness about the significance of digital economy, Saurabh Garg, Chief Executive Officer of Aadhaar-issuing body UIDAI said on Friday. The numbers and scale of digital public infrastructure today, are "staggering", Garg said speaking at IPCIDE annual conference 'State of India's Digital Economy'. For Aadhaar, between 2019 to 2022, the number of authentications doubled, he said. "When you consider any of the digital public infrastructure Aadhaar obviously being the foundational ID and therefore being basic to many of the others...We've seen between 2019 to 2022, a 100 per cent increase in the number of authentications that has been done, we've doubled it. And we reached a stage that we're doing around 70 to 80 million transactions per day," Garg said. The growth underscores the point that growth of digital economy is "so much more faster". And with focus now on larger growth for the entire economy, the digital piece will become even more .

Top headlines: FDI equity inflow contracts, no increment for Flipkart execs

Business Standard brings you the top headlines at this hour

MeitY invites proposals to estimate the size of India's digital economy

Govt plans to showcase success of India's digital economy at the G20 summit to be held in New Delhi in Sept

G20 meeting: India to showcase its success in the digital economy

Discussions expected on debt of poor nations, multilateral institution reforms

16-member panel set up to draft Digital Competition Act within 3 months

Panel comprising civil servants, experts will study if Competition Act, 2002 enough to deal with new digital economy

Govt will soon launch new PLI scheme for IT hardware: Union minister

The scheme will provide additional incentives for manufacturers and original equipment manufacturers (OEMs) who incorporate Indian-designed IP into their systems and products