Digital Economy: Digital economy grew 2.4 times faster than the normal economy, and jobs were also found

Posted on 21st Dec 2022 by rohit kumar

According to an article published in the latest Bulletin of the Reserve Bank of India, between 2014 and 2019, India's digital economy grew 2.4 times faster than the general economy and created about 62.4 million jobs. The size of the digital economy has increased from US$ 107.7 billion in 2014 to US$ 222.5 billion in 2019. In absolute US dollar terms, India's digital economy displayed a growth rate (compound annual growth rate, CAGR) of 15.62 percent between 2014 and 2019, while India's gross domestic product (GVA) grew at a compound annual rate of 6.59%.

 

This shows that India's digital economy has grown 2.4 times faster than the Indian economy, says the RBI's Department of Economic and Policy Research.

 

 

India's core digital economy (hardware, software publishing, web publishing, telecommunication services, and specialized and ancillary services) has grown. It increased from 5.4 percent of Gross Value Added (GVA) in 2014 to 8.5 percent in 2019.

 

GSAT-6 not being fully utilized due to lack of ground facilities: CAG

The Comptroller and Auditor General (CAG) has found that the GSAT-6 satellite, launched in August 2015, has remained largely unused as the necessary facilities to process its data are not ready on the ground.

 

The Department of Space had launched GSAT-6 for Rs 508 crore, according to the CAG's compliance audit on scientific and environmental ministries/departments of the central government, but the satellite was unable to be used as intended due to the non-readiness of its ground segment. In its report tabled in Parliament on Tuesday, the CAG has said that half of the satellite's time was lost without proper use.

 

Director of the Capacity Building Program Office of the Indian Space Research Council (ISRO) N. Sudhir Kumar said we have to read the report properly and analyze the points raised in it. Either way, the department will take the necessary action as suggested in the report.

 

Also Read: World Bank: The World Bank has reduced China's growth forecast for 2022, from 4.3% to 2.7%

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