Big digital push needed to reach $5-trn GDP: Study

Data governance, cybersecurity, encryption and surveillance along with technologies such as cloud computing, artificial intelligence and Internet of Things are the core areas requiring policy focus for India.

These will help realise the countr y ’s target of achieving $5-trillion economy, according to a recent study by industry association Internet and Mobile Association of India (IMAI).

Digitisation of services will be an essential step towards achieving the $5trillion goal. However, India’s regulatory approach should focus on regulating ‘core’ industry players, and not entities that fall on the ‘edge’ of the regulatory spectrum. This can be done by drafting clearly articulated outcome-based regulations, the report, titled ‘Digital Technology Policy for India’s $5 Trillion Economy,’ said.

“Participative regulatory models will not only help us address emerging challenges in India’ s digital economy, but will also allow us to position ourselves as a technology friendly jurisdiction.

In our view, consultative regulatory frameworks comprise clear, transparent and effective dialogue at ever y stage between the government and all stakeholders. There should be an appetite for innovative s truc ture s such as regulatory sandboxes and a willingness to enhance regulatory capacity and measure performance,” noted the report, which was prepared by technology focused law firm Ikigai Law.